3. The Valley Company has two manufacturing departments, assembly and painting. The company uses the FIFO method of process costing. A summary of cost information for the assembly department is reflected below. Assembly Dept Units % of DM Added of Conversion Added Beginning WIP Units Transfer Out Ending WIP 25,000 295,000 30,000 60% 100% 80% 40% 100% 30% Beginning WIP Costs Added in Month $44,800 $1,231,200 $15,300 S896,700 3 Find Replace Select- Eating Didade Seite Ede -AAAAA EEEE 21 Aalbo De AaBbccde AaBbc Aabbcc AaB * A-D-A- 1 Normal No Spac. Heading 2 Heading 2 Title Font Paragraph Styles Assign costs to output (units transferred out and units remaining in process at month end). Use the FIFO method. Cost Assignment-FIFO Direct Materials Conversion Total Cost of Units Transferred Out: Cost of Beginning WIP Direct Materials $_1 Conversion $ Total Cost of Beginning WIP Cost to Complete Beginning WIP Direct Materials Conversion Total Cost to Complete Beginning WIP S 5 Cost of Units Started & Completed this period Direct Materials $ Conversion Total Cost to Start & Complete this period $ Total Costs of Units Transferred Out: _$ 5 Cost of Units in Ending WIP: Direct Materials Conversion Total Cost of Units In Ending WIP O ti to search