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Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating department: Units Direct materials Percent Complete
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating department:
Units | Direct materials Percent Complete | Conversion Percent Complete | |
---|---|---|---|
Beginning work in process inventory | 80,000 | 60% | 20% |
Units started and completed | 250,000 | ||
Units completed and transferred out | 330,000 | ||
Ending work in process inventory | 30,000 | 40% | 10% |
Production cost information for the Fabricating department follows.
Beginning work in process | ||
---|---|---|
Direct materials | $ 37,200 | |
Conversion | 79,700 | $ 116,900 |
Costs added this period | ||
Direct materials | $ 708,360 | |
Conversion | 919,300 | $ 1,627,660 |
Calculate equivalent units of production for direct materials.
250,000 | ||
317,000 | ||
294,000 | ||
333,000 | ||
342,000 |
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