Cost Information and FIFO

Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December:

Direct Materials Conversion Costs Units started and completed 49,000 49,000 Add: Units in beginning work in process Percentage complete: 7,000 0% direct materials 7,000 50% conversion Costs 3,500 Add: Units in ending work in process Percentage complete: 14,000 100% direct materials 14,000 14,000 35% conversion Costs 4,900 Equivalent units of output 63,000 57,400 Costs: Work in process, December 1: Direct Material $49,000 Conversion Costs 10,500 Total Work in process $59,500 Current costs: Direct Material $504,000 Conversion Costs 172,200 Total current costs $676,200

Required:

1. Calculate the unit cost for December, using the FIFO method. $ per equivalent unit

2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for.

Cost of goods transferred out $ Cost of EWIP $

Cost to account for: BWIP $ Current (December) Total $

3. What if you were asked for the unit cost from the month of November?

Calculate November's unit cost. $ per equivalent unit