Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing...

Question

Question

Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing Department for the month o

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Correct answer-------------$339,859

Working

STEP 1 (FIFO)
Reconciliation of Units
	Units	% already completed		% completed this period
	Units	Material	Conversion cost	Material	Conversion cost
Beginning WIP	6,500	100%	70%	0%	30%
Units introduced	57,800
Total units to be accounted for	64,300
Completed and Transferred unit	59,500	0%	0%	100%	100%
Ending WIP	4,800	0%	0%	100%	90%

.

STEP 2 (FIFO)
Equivalent Units
	Total Units	Material		Conversion cost
Units Transferred:	Total Units	% completed this period	Equivalent Units	% completed this period	Equivalent Units
From WIP	6,500	0%	-	30%	1,950
From units started/Introduced	53,000	100%	53,000	100%	53,000
Total	59,500		53,000		54,950

	Total Units	Material		Conversion cost
Ending WIP		% completed this period	Equivalent Units	% completed this period	Equivalent Units
Total	4,800	100%	4,800	90%	4,320

Total EUP	64,300		57,800		59,270

.

STEP 3
Cost report [only Conversion cost]
	Cost of	Units Transferred		59,500.00	units
		Equivalent Units [Step 2]	Cost per Equivalent Units [Step 3]	Cost of Units Transferred	TOTAL
A	From Beginning WIP:
	Conversion cost	1,950	$ 5.80	$ 11,310	$ 11,310

B	From units started & completed
	Conversion cost	53,000	$ 5.80	$ 307,400	$ 307,400
C=A+B	Total				$ 318,710
D	Cost of Beginning WIP				$ 21,149
E=C+D	Total Cost of Units transferred				$ 339,859

Add a comment

Answer 2

Similar Homework Help Questions

Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in...

Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in June, units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory Other data for the deatment for un follow Beginning work in process inventory Units started into production, and costs incurred during the month Units completed and transferred out Conversion Units Cost 20,000 $29,000 150,000...
Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department started the month with 16,200 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $21.250. An addonal 99.000 units were started into production during the month and 102,000 units were completed and transferred to the next processing department. There were 13.200 units in...
Roger Corporation uses the FIFO method in its process costing system. The following data are taken...

Roger Corporation uses the FIFO method in its process costing system. The following data are taken from the accounting records of a particular department for June: Beginning work in process inventory: Cost $ 80,000 Units 20,000 Units Percent completion: Materials 100 % Conversion 60 % Units completed and transferred out 75,000 Units Cost per equivalent unit: Material $ 3.50 Conversion $ 1.00 The cost of the 75,000 units transferred out of the department during June is closest to:

Kavan Corporation uses the FIFO method in its process costing system. Operating data for the Enameling...

Kavan Corporation uses the FIFO method in its process costing system. Operating data for the Enameling Department for the month of May appear below Percent Complete with Respect to Units Conversion 2,900 zex 75,000 8,300 Beginning work in process inventory Transferred in from the prior department during May Ending work in process inventory What were the equivalent units of production for conversion costs in the Enameling Department for May? Multiple Choice 80.400 O 69,600 0 74.830 75410 < Prev 3...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...

Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,300 Materials costs $ 12,700 Conversion costs $ 22,800 Percent complete with respect to materials 75 % Percent complete with respect to conversion 65 % Units started into production during the month 9,800 Units transferred to the next department during the month 9,000...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...

Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,100 Materials costs $ 12,300 Conversion costs $ 22,600 Percent complete with respect to materials 75 % Percent complete with respect to conversion 65 % Units started into production during the month 9,400 Units transferred to the next department during the month 8,600...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department, started the month with 17,600 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $35,250. An additional 113,000 units were started into production during the month and 116,000 units were completed and transferred to the next processing department. There were 14,600 units in...
Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department, started the month with 16,500 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $24,250. An additional 102,000 units were started into production during the month and 105,000 units were completed and transferred to the next processing department. There were 13,500 units in...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...

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 420 Units started into production 4,290 Units in ending inventory 320 Units transferred to the next department 4,390 Materials Conversion Percentage completion of beginning inventory 80 % 20 % Percentage completion of ending inventory 70 % 40 % The cost of beginning inventory according to the company’s...

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...

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 Units started into production Units in ending inventory Units transferred to the next department 360 4,320 260 4,420 Percentage completion of beginning inventory Percentage completion of ending inventory Materials 70% 908 Conversion 30% 40% The cost of beginning inventory according to the company's costing system was $7,851...

Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing...

Homework Answers

Add Answer to:
Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing...

Post as a guest

Earn Coins

Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...

Roger Corporation uses the FIFO method in its process costing system. The following data are taken...

Kavan Corporation uses the FIFO method in its process costing system. Operating data for the Enameling...

Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...

Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...

Ibarra Corporation uses the FIFO method in its process costing system. The first processing department, the...

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...

Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing...

Homework Answers

Add Answer to: Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing...

Post as a guest

Earn Coins

Add Answer to:
Tabet Corporation uses the FIFO method in its process costing system Operating data for the Curing...