Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I keep getting the FIFO cost of this wrong: My wrong answers are in red, what am I doing incorrect? What's the right answer? Thanks!

I keep getting the FIFO cost of this wrong:

My wrong answers are in red, what am I doing incorrect? What's the right answer? Thanks!image text in transcribedimage text in transcribed

Required: 1. Compute the cost per equivalent unit for both the weighted average and FIFO methods. (Round your answers to 3 decimal places.) Answer is complete but not entirely correct. Weighted Average Cost per EU FIFO Cost per EU Direct materials $ 2.494 1.906 X Conversion $ 4.900 $ 3.916 X Total cost $ 7.394 5.822 Pablo Company calculates the cost for an equivalent unit of production using process costing. Data for June Work-in-process inventory, June 1: 20,000 units Direct materials: 100% complete Conversion: 40% complete Balance in work-in-process, June 1 Units started during June Units completed and transferred out Work-in-process inventory, June 30 Direct materials: 100% complete Conversion: 80% complete Costs incurred during June Direct materials Conversion costs Direct labor Applied overhead Total conversion costs $ 40,000 16,000 $ 56,000 48,000 48,000 20,000 $129,600 129,600 168,000 $ 297,600 Required: 1. Compute the cost per equivalent unit for both the weighted average and FIFO methods. (Round your answers to 3 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Oakton Community College Tools For Business Decision Making

Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso

6th Edition

1118113632, 978-1118113639

More Books

Students also viewed these Accounting questions

Question

What is the activity in becquerels of 1.0 kg of 238U?

Answered: 1 week ago