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Please show how to answer as well. Thank you! Vacumatic, Inc. uses the FIFO method in its process costing system. The following data concern the
Please show how to answer as well. Thank you!
Vacumatic, Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department, Assembly, for a recent month. Work-in-process, beginning: Units in process 700 Percent complete with respect to materials 50% Percent complete with respect to conversion Costs in the beginning inventory: Materials cost 10% 595 Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: $ 2,093 14,000 14,600 $ 21,465 Materials cost $440,618 Conversion cost Work-in-process, ending: Units in process 100 Percent complete with respect to materials Percent complete with respect to conversion 60% auring the month 14,000 Units completed and transferred out Costs added to production during the month: 14,600 Materials cost $ 21,465 $440,618 Conversion cost Work-in-process, ending: Units in process 100 Percent complete with respect to materials Percent complete with respect to conversion 60% 60% Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work-in-process inventory. d. Determine the cost of units transferred out of the department during the monthStep by Step Solution
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