Question
Carpenter Manufacturing Corporation produces highly specialized technical equipment, which is manufactured in the Product Construction department and tested in the Product Evaluation department. Carpenter has
Carpenter Manufacturing Corporation produces highly specialized technical equipment, which is manufactured in the Product Construction department and tested in the Product Evaluation department. Carpenter has 1 Direct Cost Category (direct materials); 1 Indirect Cost Category (conversion costs); and wishes to compare the Weighted Average versus the FIFO methods of Process Costing.
Data for the Product Construction department for March 2012 is as follows:
Work In Process, March 1: Physical Units 3,081; Direct Materials (96% complete) $554,696; Conversion Costs (56% complete) $167,898
Work added to Production during March: Physical Units 13,633; Direct Materials $2,290,712; Conversion Costs $1,185,943
Work In Process, March 31: Physical Units 2,003; Direct Materials (73% complete) $ ? ; Conversion Costs (35% complete) $ ?
Compute the Total Cost of the Ending Work In Process Inventory (FIFO) in the Product Construction department.
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