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Please answer all parts of the problem FIFO cost assignment In November 2013, Lamb Co. computed its equivalent unit costs under FIFO process costing as
Please answer all parts of the problem FIFO cost assignment In November 2013, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: Direct material $29.50 Packaging 3.00 Direct labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was $1, 026, 810 and considered of $789, 040 direct material cost for 54,000 EUP. $91, 862 direct labor cost for 16, 200 EUP. $145, 908 overhead cost for 18, 900 EUP. Lamb Co. transferred a total of 370,000 units to finished goods during November and had 12,000 units in ending WIP inventory. The ending inventory units were 30 percent complete as to direct labor and 55 percent complete to overhead. a. What percentage complete were the beginning inventory units as to direct material? packaging? Direct labor? Overhead? Direct material ________% packaging ________ % Direct labor _______ % Overhead _________ % b. What was the total cost of the complete beginning inventory units? $ __________ c. What was the cost of the units started and completed in November? $________ d. What was the cost f November's ending inventory? $ ________ FIFO cost assignment In November 2013, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: Direct material $29.50 Packaging 3.00 Direct labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was $1, 026, 810 and considered of $789, 040 direct material cost for 54,000 EUP. $91, 862 direct labor cost for 16, 200 EUP. $145, 908 overhead cost for 18, 900 EUP. Lamb Co. transferred a total of 370,000 units to finished goods during November and had 12,000 units in ending WIP inventory. The ending inventory units were 30 percent complete as to direct labor and 55 percent complete to overhead. a. What percentage complete were the beginning inventory units as to direct material? packaging? Direct labor? Overhead? Direct material ________% packaging ________ % Direct labor _______ % Overhead _________ % b. What was the total cost of the complete beginning inventory units? $ __________ c. What was the cost of the units started and completed in November? $________ d. What was the cost f November's ending inventory? $ ________
Please answer all parts of the problem
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