Question

ark < Question 5 of 13 - / 1 > Current Attempt in Progress Pix Company has the following production data for Marche no beginning work in process, units started and completed 32,500, and ending work in process 4,300 units that are 100% complete for materials and 40% complete for conversion costs. Plx 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 $697,300, prepare the cost section of the production cost report for Pix Company using the FIFO approach. PIX COMPANY (Partial) Production Cost Report For the Month Ended March 31 COSTS Conversion Materials Costs Total Unit costs Total costs $ Equivalent units Unit costs Costs to be accounted for In process, March 1 Started into production Total costs 2 3 S 4 % 5 A 6 8 7 00 * 9 0 W E R T Y U I o a S D F G H J K K L X Х С C V B N M

Answer 1

PIX COMPANY
(Partial) Production Cost Report
For the month ended March 31
COSTS	Materials	Conversion Cost	Total
Unit costs
Total costs	184,000	513,300	697,300
Equivalent Units	36,800	34,220
Unit costs	5	15	20
Costs to be accounted for
In process , March 1			0
Started into production			697,300
Total Costs			697,300
Costs accounted for
Transferred out
In process ,March 1			0
Started and completed			650,000 (i)
In process,March 31
Materials		21,500 (ii)
Conversion costs		25,800 (iii)	47,300
Total Costs			697,300

Equivalent units : Materials Conversion

32,500 + 4,300 = 36,800 32,500 + (40% * 4,300) = 34,220

Workings:

i) 32,500 * Total cost ($20) = 650,000

ii) 4,300 * $5 = $21,500

iii) (4,300 * 40%) * $15 = $25,800