Question: Thames Company uses the FIFO method in its process costing system. The following information was obtained from the accounting records of the Finishing Department during

Thames Company uses the FIFO method in its process costing system. The following information was obtained from the accounting records of the Finishing Department during November:
Conversion Costs

Work in process, 11/1

50,000

conversion cost: 20%

Transferred-in during November

150,000

Work in process, 11/30

30,000

conversion cost: 60%

November Costs:

Beginning Inventory

transferred in: $100,000

Materials: $75,000

Conversion: $15,000

Costs added in November

transferred in: $300,000

Materials: $337,500

Conversion: $560,700

All materials are added at the beginning of the manufacturing process. The equivalent units for conversion for November are:
188,000
178,000
150,000
162,000

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