Question

Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from current Period Direct...

Carmelita Inc., has the following information available:

Costs from Beginning Inventory Costs from current Period
Direct materials $4,900 $29,300
Conversion costs 5,700 150,800

At the beginning of the period, there were 600 units in process that were 43% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,200 units were started and completed. Ending inventory contained 400 units that were 34% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method.

The cost of completing a unit during the current period was

a.$26.56

b.$31.79

c.$47.69

d.$38.15

Homework Answers

Answer #1
FIFO method :
Calculation of equivalent units :
Materials Conversion cost
Working Units Working Units
Beginning inventory*(100%-%completed) 600*(100%-100%)    0 600*(100%-43%) 342
(+) Units started and completed*100% 5200*100% 5200 5200*100%    5200
(+) Ending inventory*%completed 400*100% 400 400*34% 136
Equivalent units 5600 5678
Calculation of cost per equivalent unit
Materials Conversion cost
Cost from current period 29300 150800
(/) Equivalent units 5600 5678
Cost per equivalent unit 5.23 26.56
Cost of completing a unit = Cost per equivalent unit of material + Cost per equivalent units of conversion cost = 5.23 + 26.56 31.79 Option b
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