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Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory 400 Units started into production Units in ending inventory 4,270 330 Units transferred to the next department 4,340 Materials Conversion 80% 20% 90% 30% Percentage completion of beginning inventory Percedtage completion of ending inventory The cost of beginning inventory according to the company's costing system was $7,847 of which $4,870 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $177,963. The costs per equivalent unit for the month were Cost per equivalent unit Required: Haterials Conversion $18.00 $23.00 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent units of material and conversion in the ending inventory 3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory 4. Compute the number of units started and completed during the month 5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month. 6 Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month
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