Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.] Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,800 units to the blending department. Of the units completed, 3,300 were from beginning inventory and the remaining 19,500 were started and completed during the month. Beginning work in process was 100% complete with respect to direct materials and 30% complete with respect to conversion. The company has 2,700 units (100% complete with respect to direct materials and 70% complete with respect to conversion) in process at month-end. Information on the roasting department's costs of beginning work in process inventory and costs added during the month follows. Direct Conversion Cost Materials $ 10,200 $ 261,960 Of beginning work in process inventory Added during the month 92,925 948,000 Problem 16-7A Part 1 Required: 1. Prepare the roasting department's process cost summary for October using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Total costs to account for $ $ 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 EUP- Units % Materials EUP- Materials% Conversion Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs Equivalent units of production EUP 0 EUP 0 Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory EUP Cost per EUP Total cost Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed Total cost EUP Cost per EUP Direct materials $ 0 Conversion 0.00 $ 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 0.00 $ Conversion 0.00 $ Total cost of ending work in process Total costs accounted for Problem 16-7A Part 2 2. Prepare the journal entry dated October 31 to transfer the cost of completed units to the blending department. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 1 Record the transfer of goods from Roasting to Blending. Note: Enter debits before credits. Date General Journal Credit Debit Oct 31 Clear entry View general journal Record entry
