Question: Refer to E3-8 for information regarding Raindrop Company. Required: Complete all requirements for E3-8 using the FIFO method. Data from E3-8 Raindrop Company manufactures umbrellas

Refer to E3-8 for information regarding Raindrop Company.

Required:

Complete all requirements for E3-8 using the FIFO method.

Data from E3-8

Raindrop Company manufactures umbrellas and has the following information available for the month of May:

Work in process, May 1 (100% complete for materials, 90% for conversion)

Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs 72,000 units $129,000 $175,000 181,000 Direct materials $206,000 Conversion cost Work in process, May 31 $379,000 (100% complete for materials, 20% for conversion) 67,000 units

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