Equivalent Units and Product Cost Report—FIFO Method
The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company’s four departments used in manufacturing its only product.
| Work in Process-Department 1 | |
|---|---|
| Beginning balance (3,000 units, 40% complete) | $18,200 |
| Transferred to department 2: (23,000 units) | (a) |
| Direct material (24,000 units) | 96,000 |
| Direct labor | 77,300 |
| Manufacturing overhead | 36,700 |
| Ending balance [ (b) units, 25% complete] | (c) |
Assuming that Olympus uses the FIFO method, that materials are added at the beginning of the process and that conversion costs are incurred evenly throughout, solve for the three missing numbers.Round average cost per equivalent unit to two decimal places, if applicable. Round other answers to the nearest whole number, when appropriate.
Okay so I'm confused about how to complete the Flow of Units Chart and the Product Costs. I do know that Ending inventory = begining work in process units+ Started in process unit- transferred out units but that does not help me because I cannot even get to that part of the problem. Help is much appreciated )=
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Equivalent Units and Product Cost Report—FIFO
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