Question
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month. 125 units in beginning WIP (59% complete with respect to conversion costs). 8,006 units started 134 units in ending WIP (52% complete with respect to conversion costs). $1,095 Beginning WIP direct material costs $927 Beginning WIP conversion costs $10,118 Current period direct material costs $12,166 Current period conversion costs What is the department's total cost of ending WIP for this month (round final answer to nearest cent if necessary)?
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