Question
FIFO Aluminum processes a single type of aluminum. During the current period the following information was given: Units Material Costs Conversion Costs Beginning Inventory 3,200
FIFO Aluminum processes a single type of aluminum. During the current period the following information was given:
Units | Material Costs | Conversion Costs | |
Beginning Inventory | 3,200 | $5,700 | $6,600 |
Started During the Current Period | 21,000 | 48,800 | 65,400 |
Ending Inventory | 2,900 |
All materials are added at the beginning of the production process. The beginning inventory was35% complete as to conversion, while the ending inventory was 50% completed for conversion purposes. FIFO Aluminum uses the firstin, firstout system of process costing.
What were the costs assigned to the units transferred out this period (Round intermediary calculations to the nearest cent)?
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