Data concerning a recent period’s activity in the Assembly Department, the first processing department in a...

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Data concerning a recent period’s activity in the Assembly Department, the first processing department in a...

Data concerning a recent period’s activity in the Assembly Department, the first processing department in a company that uses process costing, appear below:

	Materials		Conversion
Cost of work in process inventory at the beginning of the period	$	3,900	$	730
Equivalent units of production in the ending work in process inventory		360		120
Equivalent units of production required to complete the beginning work in process inventory		610		1,130
Cost per equivalent unit for the period	$	1.40	$	.50

A total of 26,100 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2,600 units and`ending work in process inventory consisted of 2,400 units.

Required:

Using the FIFO method, compute the cost of the units transferred to the next department during the period.

business accounting

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Answer 1

Answer #1

	Materials	Conversion	Total
Beginning work in process	3900	730	4630
Costs to complete Beginning work in process	854	565	1419
Costs of unts started and completed	32900	11750	44650
Cost of the units transferred	37654	13045	50699

Cost of the units transferred = $50699

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Answer 2

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