FIFO Method

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Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs Direct materials Conversion cost Work in process, May 31 (100% complete for materials, 20% for conversion) 33,000 units Required: Using the FIFO method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit 4. Reconcile the total cost of work in process $ $ 35,500 units 64,000 87,000 90,000 units $ 102,500 $ 189,000 Required: Using the FIFO method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2 Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the number of physical units worked on during the period. Physical Physical Units Units Beginning Units Units Completed Units Started Ending Units Total Units Total Units 0 0 Required 2 > Required: Using the FIFO method of process costing, complete each of the following steps: 1 Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the number of equivalent units. Physical Units Beginning Inventory Started and Completed Ending inventory Total Units Equivalent Units Direct Materials 01 Required 1 Conversion 0 Required 3> Required: Using the FIFO method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Calculate the cost per equivalent unit. (Round cost per Equivalent Unit to 5 decimal places) Direct Conversion Materials Cost per Equivalent Unit 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and your final answers to the nearest whole dollar amount.) Current Period Costs Prior Period Costs Total Cost Beginning inventory Started and Completed Ending Inventory Total Cost Accounted for S Direct Materials 5 Required 3 Conversion OS 05 0