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.
- 239 units in beginning WIP (35% complete with respect to conversion costs).
- 10,418 units started
- 193 units in ending WIP (71% complete with respect to conversion costs).
- $21 direct material cost per equivalent unit
- $12 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)?
Please explain how you found this this answer
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Management and Cost Accounting
Authors: Colin Drury
8th edition
978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
