Hi there,

I have attached my answers for the below questions can I please have an explanation of where I am going

wrong ? I am getting stuck with calculating the FIFO method.

Networks Manufacturing Ltd assembles various components used in the networks industry. The company's major product is made by assembling three parts: Alpha1, BetaS and Delta15. The following information relates to activities in March: a beginning work in process inventory: 0 10,000 units 0 60% complete as to conversion 0 Direct materials, $390,400 0 Conversion cost, $115,250 production started, 70,000 units ending work in process inventory: 0 12,000 units 0 40% complete as to conversion 0 direct material used: 0 Alpha1, $310,000 0 BetaS, $750,000 0 Delta15 $500,000 hourly wage of direct labours, $22 total direct labour payroll, $278,300 overhead application rate; $25 per direct labour hour. All parts are introduced at the beginning of the manufacturing process. Conversion costs are incurred uniformly throughout the production process. (3 marks) If the company uses first in first out to allocate costs to production: a. Calculate the cost per equivalent unit for direct material and conversion cost. (12 marks) b. Determine cost of goods completed during March. (5 marks) c. Determine the cost of the work in process inventory on 31 MarchQuestion 3 (lii) (b) 1 March W.I.P transferred out first 505,650.00 urred to finish the 1 March W.I.P (10000 x 56.81) 568 100.00 cost incurred to produce units (22000 x 446.81) 98 9,820.00 were both started and completed during March Total cost of goods completed and transferred out 10,908,570.00 Question 3 (iii) (c) Direct material (4000 x $390) 1560000.00 Conversion (6000 x $56.81) 340860.00 Total $ 1,900 860.00 Total costs accounted for $ 2 406 500.00 TOTAL Q3Calibri Light Question 3 (iii) (a) FIFO method Particulars Direct material Conversion Total Work in process, 1 March Not included in unit cost $ 505 650.00 Costs incurred during March 1,560,000.00 $ 340 850.00 1,900 850.00 Total costs to account for 2,406,500.00 Equlivalent unit 1,000.00 6,000.00 Costs per equivalent unit $ 390.00 S 56.81 $ 446.81