Answered step by step
Verified Expert Solution
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!
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started