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A department uses the FIFO method of process costing. All direct materials are added at the...

  1. A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month.

    • 217 units in beginning WIP (73% complete with respect to conversion costs).
    • 11,662 units started
    • 154 units in ending WIP (70% complete with respect to conversion costs).
    • $23 direct material cost per equivalent unit
    • $14 conversion cost per equivalent unit
    • $1,321 beginning WIP direct materials costs
    • $3,324 beginning WIP conversion costs

    What is the department's total cost of units completed and transferred out (round final answer to nearest cent if necessary)?

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Answer #1
Units started 11662
(-) Units in ending WIP 154
Units started and completed 11508
Materials Conversion Total
Cost of beginning WIP 1321 3324
Cost of beginning WIP completed during the period [ Beginning WIP units * ( 1 - % completion ) * Cost per equivalent unit ] 0 820.26
Cost of units started and completed during the period [ units started and completed during the period * Cost per equivalent unit ] 264684 161112
Cost of units transferred out 266005 165256.26 431261.26
Total cost of units completed and transferred out 431261.26
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