The assembly division of Marzollo Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in process. Begin by summarizing the total costs to account for. Reference Total Direct Conversion Production Costs Materials Costs Work in process, beginning $ 285,600 $ Equivalent Units 352,950 $ 5,009, 100 67,350 1,673,000 3,336,100 Direct Costs added in current period Conversion Flow of Production Materials Costs $ 5,362,050 $ 3,621,700 $ 1,740,350 Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Completed and transferred out during current period: From beginning work in process Started and completed 18 90 Direct Conversion 320 320 68 Materials Costs 119 Work in process, ending 3621700 17403501 457 478 Equivalent units of work done in current period 559 508 6478.89 3425.885 - X Data Table Costs added in current period Costs incurred to date Equivalent units of work done in current period Work in process, beginning Work in process, ending Conversion Costs $67,350 Physical Units Direct (Watches) Materials Beginning work in process (May 1) 120 $285,600 Started in May 2017 490 Completed during May 2017 440 Ending work in process (May 31) 170 Total costs added during May 2017 $3,336,100 Degree of completion direct materials, 85%, conversion costs, 25%. Degree of completion: direct materials, 70%, conversion costs, 40%. $1,673,000 The assembly division of Marzollo Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: B (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in process. Begin by summarizing the total costs to account for. Total Direct Conversion Production Costs Materials Costs Work in process, beginning $ 352,950 $ 285,600 $ 67,350 1,673,000 Costs added in current period 5,009, 100 3,336,100 $ 5,362,050 $ 3,621,700 $ 1,740,350 Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Materials Costs 3621700 1740350 559 508 Divide by equivalent units of work done in current period 6478.89 3425.885 Cost per equivalent unit
