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.)

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

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For each of the following independent cases, use FIFO costing to determine the information requested. Required:...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,600 units were 30 percent complete with respect to materials. During the period, 45,000 units were transferred out. Ending inventory consisted of 7,800 units that were 80 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 4,000 units were in the work-in-process inventory; 3,100 units...
Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory 600 Material costs $6,600 Conversion costs $2,700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Units started into production during the month 7,000 Materials cost added during the month $102,200 Conversion costs added during month $259,200 Ending work-in-process inventory Ending work-in-process...
Problem 4A-74 Dana Inc. uses the FIFO method in its... Dana Inc. uses the FIFO method...
Problem 4A-74 Dana Inc. uses the FIFO method in its... Dana Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month.   Work in process beginning:   Units in process 300   Percent complete with respect to materials 40 %   Percent complete with respect to conversion 20 %   Costs in the beginning inventory:   Materials cost $500   Conversion cost $2,090   Units started into production during the month 10,000...
Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in...
Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in June, units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow: Units Conversion Cost Beginning work in process inventory 23,900 $ 42,000 Units started into production, and costs incurred during the month 163,000 $ 243,000 Units completed...
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the...
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 900 Percent complete with respect to materials 40 % Percent complete with respect to conversion costs 20 % Costs in the beginning inventory: Materials cost $ 530 Conversion cost $ 2108 Units started into production during the month 16,000 Units completed and transferred out 16,000 Costs...
Sparky Corporation uses FIFO method of process costing. The following information is available for February in...
Sparky Corporation uses FIFO method of process costing. The following information is available for February in its molding Department. Units Beginning Inventory 44,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 129,000 Units completed and transferred out: 173,000. Ending inventory  39,500 units, 100% complete as to materials and 35% complete as to conversion. Costs: Costs in beginning Work in process - direct materials; $62,000. Costs in beginning Work in process - conversion; $67.850...
Jones Company uses the FIFO method in its process costing system. The beginning work in process...
Jones Company uses the FIFO method in its process costing system. The beginning work in process inventory in a particular department consisted of 6,000 units, two-thirds complete with respect to conversion costs. During the month, 42,000 units were started and 40,000 units were completed and transferred out of the department. The company had 40,000 equivalent units for conversion costs. 1. Find the number of units in ending inventory in the department. 2. Find the percent completion of the units calculated...
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...
Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...
Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department, started the month with 16,500 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $24,250. An additional 102,000 units were started into production during the month and 105,000 units were completed and transferred to the next processing department. There were 13,500 units in...
Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...
Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department, started the month with 16,500 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $24,250. An additional 102,000 units were started into production during the month and 105,000 units were completed and transferred to the next processing department. There were 13,500 units in...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT