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.
133 units in beginning WIP (61% complete with respect to conversion costs).
8,834 units started
149 units in ending WIP (75% complete with respect to conversion costs).
$1,119 Beginning WIP direct material costs
$677 Beginning WIP conversion costs
$13,105 Current period direct material costs
$12,392 Current period conversion costs
What is the department's direct material cost in ending WIP 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 to Expert-Tailored 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