Exercise 6.17 FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs 28,000 Units started and completed Units, beginning work in process: 28,000 10,000 x 0% 10,000 x 40% 4,000 Units, ending work in process: 6,000 x 100% 6,000 x 75% 6,000 4,500 Equivalent units of output 34,000 38,500 The cost per equivalent unit for the period was as follows: Direct materials $2.00 Conversion costs 6.00 Total $8.00 The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.

Exercise 6.17 FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs 28,000 Units started and completed Units, beginning work in process: 28,000 10,000 x 0% 10,000 x 40% 4,000 Units, ending work in process: 6,000 x 100% 6,000 x 75% 6,000 4,500 Equivalent units of output 34,000 38,500 The cost per equivalent unit for the period was as follows: Direct materials $2.00 Conversion costs 6.00 Total $8.00 The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.

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Description: Exercise 6.17 FIFO Method, Valuation of Goods Transferred Out and Ending Work inProcessK-Briggs Company uses the FIFO method to account for the costs of production. For Crushing,the first processing department, the following equivalent units schedul

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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