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The following data has been provided by Radiotronics Incorporated, a company that uses the FIFO method in its process costing system. The data concern the
The following data has been provided by Radiotronics Incorporated, a company that uses the FIFO method in its process costing system. The data concern the company's Wiring Department for the month of March.
Cost in beginning work-in-process inventory | $ 2,260 |
---|---|
Units started and completed this month | 4,650 |
Materials | Conversion | |
---|---|---|
Cost per equivalent unit | $ 33.30 | $ 21.20 |
Equivalent units (EU) required to complete the units in beginning work-in-process inventory | 300 | 230 |
Equivalent units in ending work-in-process inventory | 380 | 297 |
Required:
Determine the cost of the units transferred out and the cost of ending work-in-process inventory of the department during March using the FIFO method.
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