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Please show ALL work and provide accurate answers. (24 points) Rey's Manufacturing manufactures wheelbarrows. Each wheelbarrow must pass through the Assembly Department (first) and the
Please show ALL work and provide accurate answers.
(24 points) Rey's Manufacturing manufactures wheelbarrows. Each wheelbarrow must pass through the Assembly Department (first) and the Finishing Department (second). Rey's uses the FIFO method in their process costing system. The following data is available for December for the Finishing Department: 1. Units: Costs: Beginning inventory-12/1 85% complete wrt Finishing Materials and 50% complete wrt Finishing Conversion 1,200 Beginning WIP 12/1: $68,595 Assembly Costs (Transferred in costs) $2,070 $6,150 Finishing Materials Finishing Conversion December costs Transferred in from Assembly in December. 18,000 Ending inventory - 12/31 90% complete wrt Finishing Materials and 80% complete wrt Finishing Conversion 950 Assembly costs transferred in $1,179,000 $65,106 Finishing materials costs $193,305 Finishing conversion costs Under FIFO, what was equivalent units of production for December for each element (Assembly Costs, Finishing Materials, and Finishing Conversion)? Under FIFO, what was the cost per equivalent unit in December for each element? What was the total cost of units transferred out during December? What was the total cost of units in ending inventory at December 31? a. b. c. dStep by Step Solution
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