Bio Track Corporation is a biotech company that makes a cancer treatment drug in a single processing department Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bo Track uses the FIFO method of process costing. The following information for July 2018 is available (Click the icon to view the date. Click the icon to view total costs) Required Note that you first need to calculate the equivalent units of work done in the current period for direct materials and conversion costs) to complele beginning work in process, to start and complete new units, and to produce ending work in process. X - XL Data Total costs Equivalent Units Conversion Costs 6,540 S Physical Direct Units Materials Work in process July 1 12,200 12,200 Started dunng July 49 5X Completed and transferred out during July 12.100 12.100 Work in process July 31 19 5X119 X *Degree of completion drect materials 100% conversion cos, 70% Degree of completion direct materials. 100% conversion costs, 56% Total Costs for July 2018 Work in process beginning Direct materials Conversion costs Direct materials added during July Conversion costs added during July 12.100 10.780 75,500 83,500S 150,000 340,000 453,750 S 362.750 Total costs to account for 0 Required 1. Calculate the cost per equivalent unit for direct materials and conversion costs 2. Summare total cost to count for and assign total costs to units completed (and transferred out) and to units in ending work in process Print Done Print Done Requirement 1. Calculate the cost per equivalent unit for direct materials and conversion costs using the FIFO method. Enter the physical units first and then calculate the equivalent units (Round your answers to the nearest whole unit. Enter an amount in each input cell) Physical Units Equivalent Units Direct Conversion Materials Costs Flow of Production Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, onding Accounted for Work done to date Requirement 2. Summarize total costs to account for and assign total costs to units completed (and transferred out) and to units in ending work in process Beain by summarizing the total costs to account for. Finally, assign total costs to units completed (and transferred out) and to units in anding work in process Begin by calculating the total from beginning inventory and then calculate the total costs accounted for (Round your answers to the nearest doilar) Total Production Direct Conversion COSS Materials cols Completed and transferred out Total from beginning inventory Total costs of units completed and transferred out Total costs accounted for
