Question
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
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 companys processing departments: Units in beginning inventory 450 Units started into production 4,270 Units in ending inventory 300 Units transferred to the next department 4,420 Materials Conversion Percentage completion of beginning inventory 70% 30% Percentage completion of ending inventory 80% 40% The cost of beginning inventory according to the companys costing system was $7,806 of which $4,870 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $179,525. The costs per equivalent unit for the month were: Materials Conversion Cost per equivalent unit $18.00 $23.00
Required: 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.
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