Question
Please help me with this process cost summary with FIFO METHOD. My homework is due soon! I appreciate it so much Tamar Co. manufactures a
Please help me with this process cost summary with FIFO METHOD. My homework is due soon! I appreciate it so much
Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 34,200 units of product to finished goods inventory. Its 5,400 units of beginning work in process consisted of $92,880 of direct materials and $768,708 of conversion costs. It has 3,600 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $784,080 of direct material costs and $3,495,492 of conversion costs were charged to production.
- Beginning work in process consisted of 5,400 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.
- Of the 34,200 units completed, 5,400 were from beginning work in process. The remaining 28,800 were units started and completed during May.
Assume that Tamar uses the FIFO method to account for its process costing system.
1. Prepare the companys process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal Total costs to account for: Costs transferred out Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- FIFO method Units % Materials EUP- Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory EUP Direct materials Cost per EUP Total cost Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed EUP Cost per EUP Total cost Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total cost of ending work in process Total costs accounted for
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