Question
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
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Work in process, beginning: |
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Units in process |
| 900 |
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Percent complete with respect to materials |
| 40 | % |
Percent complete with respect to conversion costs |
| 20 | % |
Costs in the beginning inventory: |
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Materials cost | $ | 530 |
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Conversion cost | $ | 2108 |
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Units started into production during the month |
| 16,000 |
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Units completed and transferred out |
| 16,000 |
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Costs added to production during the month: |
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Materials cost | $ | 32,180 |
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Conversion cost | $ | 416,512 |
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Work in process, ending: |
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Units in process |
| 900 |
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Percent complete with respect to materials |
| 50 | % |
Percent complete with respect to conversion costs |
| 70 | % |
Required:
Using the FIFO method:
Equivalent Units of Production for Direct materials | (Do not enter commas in answer for example 5,000 should be entered as 5000) |
Equivalent Units of Production for Conversion Costs | (Do not enter commas in answer for example 5,000 should be entered as 5000) |
Cost per Equivalent Unit Direct Materials | $ (Round to 2 decimal places) |
Cost per Equivalent Unit Conversion Costs | $ (Round to 2 decimal places) |
Total value of Ending Work in Process | $.00 (Round to the nearest whole dollar and do not enter dollar signs or commas in answer for example $5,000 should be entered as 5000) |
Total value of units transferred out | $.00 (Round to the nearest whole dollar and do not enter dollar signs or commas in answer for example $5,000 should be entered as 5000) |
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