Easy Incorporated 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 Percenti complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory! Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost work in process, ending! Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method a. Determine the equivalent units of production for materials and conversion costs b. Determine the cost per equivalent unit for materials and conversion costs c Determine the cost of ending work in process inventory d. Determine the cost of units transferred out of the department during the month 1,000 90% 10% $1,846 $1,438 23,800 23,900 $71,421 $$43,048 900 70% 70%

Easy Incorporated 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 Percenti complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory! Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost work in process, ending! Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method a. Determine the equivalent units of production for materials and conversion costs b. Determine the cost per equivalent unit for materials and conversion costs c Determine the cost of ending work in process inventory d. Determine the cost of units transferred out of the department during the month 1,000 90% 10% $1,846 $1,438 23,800 23,900 $71,421 $$43,048 900 70% 70%

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Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 16E: Cost of production report The debits to Work in ProcessRoasting Department for Morning Brew Coffee...

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