Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(Appendix 6A) First-In, First-Out Method; Unit Cost; Valuing Inventories Loren Inc. manufactures products that pass through two or more processes. During April, equivalent units
(Appendix 6A) First-In, First-Out Method; Unit Cost; Valuing Inventories Loren Inc. manufactures products that pass through two or more processes. During April, equivalent units were computed using the FIFO method: Units started and completed 4,600 Units in BWIP X Fraction to Complete (60%) 840 Units in EWIP X Fraction Complete (4,000 X 60%) 2,400 Equivalent units of output (FIFO) 7,840 April's costs to account for are as follows: BWIP (40% complete) Materials Conversion cost Total Required: $1,120 10,000 4,000 $15,120 1. Calculate the unit cost for April using the FIFO method. Round your answer to the nearest cent. per unit 2. Using the FIFO method, determine the cost of EWIP and the cost of the goods transferred out. In your calculations round unit cost to the nearest cent and your final answers to the nearest dollar. Cost of ending work in process Cost of goods transferred out
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