Question

For each of the following independent cases, use FIFO costing to determine the information requested. a....

For each of the following independent cases, use FIFO costing to determine the information requested.

a. In the beginning inventory, 4,600 units were 50 percent complete with respect to materials. During the period, 44,000 units were transferred out. Ending inventory consisted of 7,700 units that were 70 percent complete with respect to materials. How many units were started and completed during the period?


b. At the start of the period, 3,900 units were in the work-in-process inventory; 3,100 units were in the ending inventory. During the period, 9,700 units were transferred out to the next department. Materials and conversion costs are added evenly throughout the production process. FIFO costing is used. How many units were started during this period?

c. Beginning inventory amounted to 900 units. This period, 4,800 units were started and completed. At the end of the period, the 3,300 units in inventory were 40 percent complete. Using FIFO costing, the equivalent production for the period was 6,210 units. What was the percentage of completion of the beginning inventory?

d. The ending inventory included $91,300 for conversion costs. During the period, 39,400 equivalent units were required to complete the beginning inventory, and 64,000 units were started and completed. The ending inventory represented 11,000 equivalent units of work this period. FIFO costing is used. What were the total conversion costs incurred this period? (Do not round intermediate calculations.)

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Homework Answers

Answer #1

a) Units started and completed = 44000-4600 = 39400 units

b) Units started = Transferred out unit+Ending unit-Beginning unit

= 9700+3100-3900

Unit started = 8900 units

c) Equivalent unit = (beginning work in process*percentage completed)+Unit started and completed+(ending work in process*percent completion)

6210 = (900X)+4800+(3300*40%)

6210 = 900X+4800+1320

X = 10%

Percentage completion of the beginning inventory = 10%

d) Conversion cost per unit = 91300/11000 = 8.3 per unit

Total equivalent unit = 39400+64000+11000 = 114400

Total conversion cost = 114400*8.3 = 949520

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