Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you do 18-32 where you have to use the FIFO method. thanks Appendix Standard-Costing Method of Process Costing Home Insert Formulas Page Layout A

can you do 18-32 where you have to use the FIFO method. thanks
image text in transcribed
image text in transcribed
Appendix Standard-Costing Method of Process Costing Home Insert Formulas Page Layout A 1 Data Review View B Physical Units Transferred-In (tons) Costs 60 $ 60,000 100% 100 D Direct Materials $ 0 0% E Conversion Costs $24,000 50% 2 Work in process, beginning inventory (June 1) 3 Degree of completion, beginning work in process 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) 7 Degree of completion, ending work in process 8 Total costs added during June 120 40 100% $117,000 0% $27,000 75% $62,400 Required 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 2. Summarize total costs to account for and calculate cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process. 18-32. TRANSFERRED-IN COSTS, FIFO METHOD (CONTINUATION OF 18-31). Refer to the information in Exercise 18-31. Suppose Trendy uses the FIFO method instead of the weighted-average method in all its departments. The only changes to Exercise 18-31 under the FIFO method are that total transferred-in costs of beginning work in process on June 1 are $45,000 (instead of $60,000) and total transferred-in costs added during June are $114,000 (instead of $117,000). Required Do Exercise 18-31 using the FIFO method. Note that you first need to calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work-in-process inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Does the document provide this information in a well-organized way?

Answered: 1 week ago