Jewelry requires multiple procedures to create. Sometimes it takes more than one period. If Tiffany uses the FIFO method, can you help their accountant figure out the following information?

At the beginning of the month, an artist has two unfinished items from the previous month. The items are considered 60% complete. And the costs incurred so far are $300. During this month, additional costs of $1,200 are incurred, and three new items are started. At the end of the month, the artist has one unfinished item which is considered 20% complete. A table is included below, Please finish the table.

The gold items sold in the US are often marked ?K, for example, 18K. It means if the item were to be dissected into 24 pieces, 18 of them would be pure gold. Thus, 18K means 75% pure. The remaining 6 pieces are other metals that give the alloy more strength and in some cases the color. Gold price climbed 27% in the past 12 months. How does it affect Tiffanys COGS under FIFO as opposed to the weighted-average method? (Assuming Tiffany needs to manufacture the alloy from raw metals, FIFO also applies to the material column of the table.)

physical units conversion costs flow of production units units to be accounted for beginning WIP united stated this period total units to be accounted for units completed and transferred out from beginning inventory started and completed currently units in the ending WIP total units accounted for costs to be accounted for costs in beginning WIP current period costs total costs to be accounted for costs per equivalent unit costs assigned to units transferred out costs from beginning inventory current costs added to complete beginning WIP total costs from beginning inventory current costs of units started and completed total costs of units transferred out costs assigned to ending WIP total costs accounted for