Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Easy 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
Easy 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 Work in process, beginning: 1, 100 Units in process Percent complete with respect to materials Percent complete with respect to conversion 90% 10% Costs in the beginning inventory S 1,862 S 1,454 24,000 24, 100 Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month Materials cost Conversion cost 71, 521 $543, 148 Work in process, ending 1, 000 Units in process Percent complete with respect to materials Percent complete with respect to conversiorn 70% 70% Required: Using the FIFO method a. Determine the equivalent units of production for materials and conversion costs b. Determine the cost per equivalent unit for materials and conversion costs C. Determine the cost of ending work in process inventory d. Determine the cost of units transferred out of the department during the month Complete this question by entering your answers in the tabs below. Req A and BReq C and D a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round your answers to 2 decimal places.) Materials Conve a. Equivalent units of production b. Cost per equivalent unit Req A and B Req C and D > Complete this question by entering your answers in the tabs below. Req A and B Req C and D c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.) C. Cost of ending work d. Cost of units transferred out
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started