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 41,000 41,000 Add: Units in beginning work in process Percentage complete: 5,000 0% direct materials 5,000 50% conversion Costs 2,500 Add: Units in ending work in process Percentage complete: 11,000 100% direct materials 11,000 11,000 35% conversion Costs 3,850 Equivalent units of output 52,000 47,350 Costs: Work in process, December 1: Direct Material $35,000 Conversion Costs 15,000 Total work in process $50,000 Current costs: Direct Material $416,000 Conversion Costs 94,700 Total current costs $510,700

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 41,000 41,000 Add: Units in beginning work in process x Percentage complete: 5,000 * 0% direct materials 5,000 > 50% conversion Costs 2,500 Add: Units in ending work in process x Percentage complete: 11,000 * 100% direct materials 11,000 11,000 x 35% conversion Costs 3,850 Equivalent units of output 52,000 47,350 Costs: Work in process, December 1: Direct Material $35,000 Conversion Costs 15,000 Total work in process $50,000 Current costs: Direct Material $416,000 Conversion Costs 94,700 Total current costs $510,700 Required: 1. Calculate the unit cost for December, using the FIFO method. 12 X 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 535,000 x $ Cost of EWIP 94,000 x Cost to account for: BWIP Current (December) Total 45,000 X 584,000 x 629,000 x 3. What if you were asked for the unit cost from the month of November? Calculate November's unit cost. 11 x per equivalent unit $