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 following
-
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.
- 214 units in beginning WIP (73% complete with respect to conversion costs).
- 8,477 units started
- 119 units in ending WIP (67% complete with respect to conversion costs).
- $2,087 beginning WIP direct materials costs
- $1,702 beginning WIP conversion costs
- $112,915 current month direct materials costs
- $92,268 current month conversion costs
What is the department's conversion cost per equivalent unit for this month (round final answer to nearest cent if necessary)?
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.
- 214 units in beginning WIP (73% complete with respect to conversion costs).
- 8,477 units started
- 119 units in ending WIP (67% complete with respect to conversion costs).
- $2,087 beginning WIP direct materials costs
- $1,702 beginning WIP conversion costs
- $112,915 current month direct materials costs
- $92,268 current month conversion costs
What is the department's conversion cost per equivalent unit for this month (round final answer to nearest cent if necessary)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
