Question

Pix Company has the following production data for March: no beginning work in process, units started and completed 29,000, and ending work in process 5,300 units that are 100% complete for materials and 40% complete for conversion costs. Pix uses the FIFO method to compute equivalent units. If unit materials cost is $5 and unit conversion cost is $15. The total costs to be assigned are $638,300, prepare the cost section of the production cost report for Pix Company using the FIFO approach.

Partlal) Produccion Lost Report For the Month Ended March 31 COSTS Conversion Costs Materials Total Unit costs Total costs Equivalent units Unit costs Costs to be accounted for In process, March 1 Started into production Total costs Costs accounted for Transferred out In process, March 1 Started and completed In process, March 31 Materials Conversion costs Total costs

Answer 1

Solution:

Pix Company
Production cost report
For the month ended March 31
Particulars	Materials	Conversion Costs	Total
Unit costs:
Total costs	$171,500.00	$466,800.00	$638,300.00
Equivalent units	34300	31120
Unit cost	$5.00	$15.00	$20.00
Costs to be accounted for:
In Process, March 1			$0.00
Started into production			$638,300.00
Total costs			$638,300.00
Costs accounted for:
Transferred out:
In Process, March 1			$0.00
Started and completed			$580,000.00
In process, march 31:
Materials		$26,500.00
conversion costs		$31,800.00	$58,300.00
Total costs			$638,300.00