information from 7-31

Physical units Transferred in costs Direct materials Conversion Costs

Work in Process, beginning inventory (June 1) 60 $60,000 $0 $ 24,000

Degree of completion, beginning work in process 100% 0% 50%

Transferred-in during June 100

Completed and transferred out during june 120

Work in Process, ending inventory (june 30) 40

Degree of completion, ending work in process 100% 0% 75%

Total costs added during June $117,000 $27,000 $62,400

Transferred-in costs, FIFO method. Refer to the information in Exercise 17-31. Suppose that Trendy uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to Exercise 17-31 under the FIFO method are that total transferred-in costs of beginning work in process on June 1 are $45,000 (instead of $60,000) and total transferred-in costs added during June are $114,000 (instead of $117,000).

Required

Do Exercise 17-31 using the FIFO method. Note that you first need to calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process.