Question
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This departmenthas the following data
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This departmenthas the following data for this month.
- 245 units in beginning WIP (50% complete with respect to conversion costs).
- 9,885 units started
- 214 units in ending WIP (73% complete with respect to conversion costs).
- $14 direct material cost per equivalent unit
- $10 conversion cost per equivalent unit
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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Management Accounting Information for creating and managing value
Authors: Kim Langfield Smith, David Smith, Paul Andon, Ronald Hilton, Helen Thorne
8th edition
9781760420413 , 978-1760420406
