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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 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
Units started into production
Units in ending inventory
Units transferred to the next department
Materials Conversion
Percentage completion of beginning inventory
Percentage completion of ending inventory
The cost of beginning inventory according to the companys costing system was $ of which $ was for materials and the remainder was for conversion cost. The costs added during the month amounted to $ The costs per equivalent unit for the month were:
Materials Conversion
Cost per equivalent unit $ $
Required:
Compute the total cost per equivalent unit for the month.
Compute the equivalent units of material and conversion in the ending inventory.
Compute the equivalent units of material and conversion that were required to complete the beginning inventory.
Compute the number of units started and completed during the month.
Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.
Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.
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