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Local Company uses the FIFO method in its process costing system for the Assembly and Finishing departments. The following information was obtained from the accounting
Local Company uses the FIFO method in its process costing system for the Assembly and Finishing departments. The following information was obtained from the accounting records of the Finishing Department during November. All materials are added at the beginning of the finishing process Conversion costs % complete 20% Work in process, 11/1 Transferred-in during November Work in process, 11/30 November Costs Beginning inventory Costs added in November Number of units 50,000 150,000 30,000 Transferred-in $100,000 $300,000 60% Materials $75,000 $337,500 Conversion $15,000 $560,700 a. Calculate the equivalent units for conversion for November. (10 pts) b. Calculate the transferred-in cost per unit for November. (5 pts) c. Calculate the cost assigned to the November ending inventory. (10 pts)
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