Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Calculate the following for each deparment using FIFO for Q1 and Q2 provided with Q1 data below. Check figure given: FIFO 1st Quarter Finishing Ending
Calculate the following for each deparment using FIFO for Q1 and Q2 provided with Q1 data below. Check figure given: FIFO 1st Quarter Finishing Ending WIP $4,634.46.
Ending WIP (Pouring)
Value of Ending WIP (Finishing)
Total Equivalent Units (both)
Cost per Equivalent Unit (Pouring)
Cost per Unit (Finishing)
Jordan Here is the relevant data that l've gathered for last quarter. Remember we use the FIFO method. All the materials are added at the beginning of the pouring process. The finishing department is different, though. Half the materials are added when conversion 50% complete and half are added at the end. Below are the figures I've pulled from the accounting system. Because we are creating a variety of different size candles, we will create the costs using candle-Inches. Then we can just figure out the cost of a particular size candle by multipying the per-inch cost by the height of the candle Josey Pouring Finishing Finishing 7,200 Pouring cC DM Transferred-In DM Beginning Inventory in Candle-Inches Units added during the month Ending WIP inventory in units 1,780 5108 $2,474 $3,136 85% 15% 3,000 27,500 4,250 Costs in Beginning Inventory$ 1,750 500 $ Costs added during the month $ 16,500 $ 5,250 60% 5,050 80% Jordan Here is the relevant data that l've gathered for last quarter. Remember we use the FIFO method. All the materials are added at the beginning of the pouring process. The finishing department is different, though. Half the materials are added when conversion 50% complete and half are added at the end. Below are the figures I've pulled from the accounting system. Because we are creating a variety of different size candles, we will create the costs using candle-Inches. Then we can just figure out the cost of a particular size candle by multipying the per-inch cost by the height of the candle Josey Pouring Finishing Finishing 7,200 Pouring cC DM Transferred-In DM Beginning Inventory in Candle-Inches Units added during the month Ending WIP inventory in units 1,780 5108 $2,474 $3,136 85% 15% 3,000 27,500 4,250 Costs in Beginning Inventory$ 1,750 500 $ Costs added during the month $ 16,500 $ 5,250 60% 5,050 80%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