8-47. FIFO Method The following information is available from the Oils Division of Glasgow Corporation for...
8-47. FIFO Method
The following information is available from the Oils Division of
Glasgow Corporation for
December. Conversion costs for this division were 80 percent
complete as to beginning work-in-
process inventory and 50 percent complete as to ending
work-in-process inventory. Information
about conversion costs follows:
(LO 8-5)
Conversion
Units Costs
WIP at December 1 (80% complete) . . . . . . . . . . . . . . . . .
. . . . . . 20,000 $ 232,200
Units started and costs incurred during December. . . . . . . . . .
. . . 108,000 1,306,800
Units completed and transferred to next department during December
80,000 ?
The Oils Division uses FIFO.
Required
a. What was the conversion cost of work-in-process inventory in the
Oils Division at
December 31?
b. What were the conversion costs per equivalent unit produced last
period and this period,
respectively?
Homework Answers
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8-47. FIFO Method
The following information is available from the Oils Division of
Glasgow Corporation for...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 50 percent complete as to ending work-in-process inventory. Information about conversion costs follows. WIP at December 1 (80% complete) Units started and costs incurred during December Units completed and transferred to next department during December care nt during peace Conversion Units Costs 20,000 $ 232, 200 108,000 1,306,800 80,000 The Oils...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 50 percent complete as to ending work-in-process inventory. Information about conversion costs follows. WIP at December 1 (808 complete) Units started and costs incurred during December Units completed and transferred to next department during December Conversion Units Costs 107,000 $ 406,600 547,000 2,357,970 407,000 The Oils Division uses FIFO. Required: a-1....
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventor...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 60 percent complete as to ending work-in-process inventory. Information about conversion costs follows: Units 109,000 S 427,280 549,000 2,544,480 409,000 Costs WIP at December 1 (80% complete) Units started and costs incurred during December Units completed and transferred to next department during December The Oils Division uses FIFO Required: a-1. Compute...
Richards Corporation uses the FIFO method of process costing. The following information is available for October i...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department Units Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion Units started and completed: 250,000 Units completed and transferred out: 330,000, Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
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Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment started the month with 6,000 units in its beginning work in process inventory that Were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect...
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sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department Units: Beginning Inventory: 34,000 units, 100% complete as to materials and 55% complete as to conversion Units started and completed: 128,000. Units completed and transferred out: 162,000. Ending Inventory: 34,500 units, 100% complete as to materials and 35% complete as to conversion. X 3.50 Costs: Costs in beginning Work in Process - Direct Materials: $52,000 Costs in beginning Work in...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process -...
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Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 95,000 units, 70% complete as to materials and 20% complete as to conversion. Units started and completed: 265,000. Units completed and transferred out: 360,000. Ending Inventory: 37,500 units, 30% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 50 percent complete as to ending work-in-process inventory. Information about conversion costs follows. WIP at December 1 (80% complete) Units started and costs incurred during December Units completed and transferred to next department during December care nt during peace Conversion Units Costs 20,000 $ 232, 200 108,000 1,306,800 80,000 The Oils...
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 50 percent complete as to ending work-in-process inventory. Information about conversion costs follows. WIP at December 1 (808 complete) Units started and costs incurred during December Units completed and transferred to next department during December Conversion Units Costs 107,000 $ 406,600 547,000 2,357,970 407,000 The Oils Division uses FIFO. Required: a-1....
The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 60 percent complete as to ending work-in-process inventory. Information about conversion costs follows: Units 109,000 S 427,280 549,000 2,544,480 409,000 Costs WIP at December 1 (80% complete) Units started and costs incurred during December Units completed and transferred to next department during December The Oils Division uses FIFO Required: a-1. Compute...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department Units Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion Units started and completed: 250,000 Units completed and transferred out: 330,000, Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment started the month with 6,000 units in its beginning work in process inventory that Were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,700 units were 50 percent complete with respect to materials. During the period, 36,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 3,800 units were in the work-in-process inventory; 3,200 units...
sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department Units: Beginning Inventory: 34,000 units, 100% complete as to materials and 55% complete as to conversion Units started and completed: 128,000. Units completed and transferred out: 162,000. Ending Inventory: 34,500 units, 100% complete as to materials and 35% complete as to conversion. X 3.50 Costs: Costs in beginning Work in Process - Direct Materials: $52,000 Costs in beginning Work in...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process -...
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