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The Smelting Department of Lily Company has the following production and cost data for September. Production: Beginning work in process 2.100 units that are 100%
The Smelting Department of Lily Company has the following production and cost data for September.
Production: Beginning work in process 2.100 units that are 100% complete as to materials and 20% complete as to conversion costs;
units started and finished 8,900 units; and ending work in process 900 units that are 100% complete as to materials and 40%
complete as to conversion costs.
Manufacturing costs: Work in process, September 1. $16,000; materials added $59,780; labor and overhead $140,032.
Lily uses the FIFO method to compute equivalent units.
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