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 $49,00049,000$

Add: Units in beginning work in process $\backslash$times

Percentage complete:

$5,000\backslash$times $0\%$ direct materials $$

$5,000\backslash$times $50\%$ conversion Costs $2,500$

Add: Units in ending work in process $\backslash$times

Percentage complete:

$13,000\backslash$times $100\%$ direct materials $13,000$

$13,000\backslash$times $35\%$ conversion Costs $4,550$

Equivalent units of output $62,00056,050$

Costs:

Work in process, December $1$:

Direct Material $$35,000$

Conversion Costs $12,500$

Total work in process $$47,500$

Current costs:

Direct Material $$496,000$

Conversion Costs $336,300$

Total current costs $$832,300$

Required:

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

$

fill in the blank $1$

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 $

fill in the blank $2$

Cost of EWIP $

fill in the blank $3$

Cost to account for:

BWIP $

fill in the blank $4$

Current $($December$)$

fill in the blank $5$

Total $

fill in the blank $6$

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

$

fill in the blank $7$

per equivalent unit