Question
This is a practice question that has multiple parts a-d relating to the table shown below. I am very confused please help Physical Units Degree
This is a practice question that has multiple parts a-d relating to the table shown below. I am very confused please help
Physical Units | Degree of Completion | Material | Conversion | |
Beginning Work-in-Process | 28,000 | 25% | $39,200 | $30,800 |
Started During the Period | 60,000 | |||
Ending Work-in-Process | 22,000 | 50% | ||
Completed and Transferred Out | 66,000 | |||
Total Cost Added During the Period | $90,000 | $280,000 |
a) What is the amount of material cost assigned to ending work-in-process inventory at the end of the month using FIFO method of process costing?
b) What is the total cost of goods transferred out during the month using the FIFO method of process costing?
c) How many of the 60,000 units that were started during the month were also completed during the month?
d) How many equivalent units work were done in conversion costs during the month using the FIFO method of process costing?
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