FIFO PROCESS COST Student Name => Section Number => Data Section: Percent Materials Percent Conversion Units 100% 40% Work in process, beginning Units completed during month Work in process, ending 60,000 210,000 30,000 100% 70% Costs to account for: Total Materials Conversion Beginning work in process Current Period Costs $94,800 750,000 $23,700 150,000 $71,100 600,000 Total costs to be accounted for FORMULA1! $173,700 $671,100 Objective 1 - FIFO Equivalent units of production: Equivalent units Total Units Materials Conver. Units Transferred Out Add Ending Inventory Less Beginning Inventory 210,000 FORMULA2 FORMULA3 FORMULA4 FORMULAS FORMULA6 60,000 FORMULAZ FORMULA Equivalent units Obective 2 - Costs per equivalent unit: (Must use formulas to avoid rounding errors) Materials Conver. FORMULAS FORMULA10 FORMULA11 Total unit cost Obiective 9 Part necianment PROCESS Current ORIGINAL Units Materials Conver. UNO Units Transferred Out Add Ending Inventory Less Beginning Inventory 210,000 FORMULA2 FORMULA3 FORMULA FORMULAS FORMULAR 60,000 FORMULAT FORMULAS Equivalent units Obective 2-Costs per equivalent unit: (Must use formulas to avoid rounding errors) HOWN Materials Conver. FORMULAS FORMULA10 => FORMULA11 Total unit cost Objective 3 - Cost assignment: Beginning work in process: Prior period cost Conversion of beginning work in process FORMULA12 FORMULA13 FORMULA14 Units started and completed Total transferred out Ending inventory work in process: Materials Conversion FORMULA15 FORMULA16 Total ending work in process Total costs accounted for (Must equal E21) Journal Entry Debit Credit 6/30 END PROCESS Current ORIGINAL