FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 400
Units started into production 4,290
Units in ending inventory 290
Units transferred to the next department 4,400
 

 

  Materials Conversion
Percentage completion of beginning inventory 70% 30%    
Percentage completion of ending inventory 80% 30%    
 

 

The cost of beginning inventory according to the company’s costing system was $7,845 of which $4,862 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,777. The costs per equivalent unit for the month were:

 

  Materials Conversion
Cost per equivalent unit $18.00 $23.00
 

 

Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.)

 
 
  Materials Conversion Total
Total cost of units transferred out    
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