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Suppose Cozy uses the FIFO method. Information for June 2020 follows: (Click the icon to view the information.) Read the requirements. Data table Requirement 1.
Suppose Cozy uses the FIFO method. Information for June 2020 follows: (Click the icon to view the information.) Read the requirements. Data table Requirement 1. Calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversi any zero balances.) Equivalent Units Work in process, beginning Transferred-in during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent units of work done in current period Requirements 1. Calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process inventory. 2. Summarize the total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process
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