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Hello! I am stuck on how to compute the FIFO method using the data set in the first picture. I am confused on how to
Hello! I am stuck on how to compute the FIFO method using the data set in the first picture. I am confused on how to calculate the formulas for each problem.
Process Costing -First-In First-Out Mr. Jones, a consultant, has indicated that FIFO process costing would produce more meaningful cost data. General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumecd to be added uniformly throughout. Month of January Selected information for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department. Molding Department Goods in-process as of January 1 were 3,300 figurines at a cost of $5,527.50. Of this amount, $1,518.00 was from raw materials added, $2,673.00 for labor and $1,336.50 for overhead. These 3,300 figurines were assumed to be 30.00% complete as to labor and overhead. During January, 22,500 units were started, $10,800.00 of materials and $58,887.00 of labor costs were incurred. The 7,500 figurines that were in-process at the end of January were assumed to be 60.00% complete to labor and overhead. All figurines in January passed inspection. MOLDING Physical Flow of Units January work-in-Process - Beginning Units Started this Period Units to Account for Total transferred out work-in-Process - Ending Total Accounted for 15.01 Equivalent Units Material (Round to three places, 1.t. 115.02 Equivalent Units Conversion (Round to three places. I. 15.03 Total cost in the Beginning Inventor (Round to tvo places. 15.04 Total cost of Material this period (Round to tvo places, 15.05 Total cost of Conversion this period (Round to tvo places, 15.06 Total cost to account for (Round to tvo places, 15.07 Cost per equivalent unit of Material this period (Round to seven places, . 15.08 Cost per equivalent unit of Conversion this period [Round to seven places. #tt_ttttttt 15.09 Cost of the units transferred, material and convesion (Round to tvo places. tHtt) 15.10 Cost of the ending inventor, meial and convesion (Round to two places. $iH.IHit] 15.11Step by Step Solution
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