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Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments: Units in beginning inventory 410 Units started into production 4,330 Units in ending inventory 330 Units transferred to the next department 4,410 Materials Conversion Percentage completion of beginning inventory 70 % 30 % Percentage completion of ending inventory 90 % 50 % The cost of beginning inventory according to the company’s costing system was $7,863 of which $4,868 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $181,956. The costs per equivalent unit for the month were: Materials Conversion Cost per equivalent unit $18.00 $23.00

Required:

1. Compute the total cost per equivalent unit for the month.

2. Compute the equivalent units of material and conversion in the ending inventory.

3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory.

4. Compute the number of units started and completed during the month.

5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.

6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.

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Homework Answers

Answer #1

1) Total Cost per unit equivalent unit = 18+23 = 41

2) Equivalent unit of ending inventory

Material Conversion
Equivalent unit 330*90% = 297 330*50% = 165

3) Equivalent unit of beginning inventory

Material Conversion
Equivalent unit 410*30% = 123 287

4) Unit started and completed = 4410-410 = 4000

5) Cost of ending WIP

Material Conversion Total
Cost of ending WIP 297*18 = 5346 165*23 = 3795 9141

5) Cost of units transferred out

Material Conversion Total
Cost of unit transferred out 4123*18+4868 = 79082 4287*23+2995 = 101596 180678
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