Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 17,000 46% 77% units completed during April 46,000 work in process, April 30 23,000 29% 14% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $121,279 $203,056 $324,335 costs added during April 363,285 227,619 590,904 total costs 484,564 430,675 915,239 Calculate the total cost of the 17,000 units in beginning work in process using the FIFO process costing method.
Total cost of 17000 units in beginning= $423,326
Working
STEP 1 (FIFO) | |||||
Reconciliation of Units | |||||
Units | % already completed | % completed this period | |||
Material | Conversion cost | Material | Conversion cost | ||
Beginning WIP | 17,000 | 46% | 77% | 54% | 23% |
Units introduced | 52,000 | ||||
Total units to be accounted for | 69,000 | ||||
Completed and Transferred unit | 46,000 | 0% | 0% | 100% | 100% |
Ending WIP | 23,000 | 0% | 0% | 29% | 14% |
.
STEP 2 (FIFO) | |||||
Equivalent Units | |||||
Total Units | Material | Conversion cost | |||
Units Transferred: | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
From WIP | 17,000 | 54% | 9,180 | 23% | 3,910 |
From units started/Introduced | 29,000 | 100% | 29,000 | 100% | 29,000 |
Total | 46,000 | 38,180 | 32,910 | ||
Total Units | Material | Conversion cost | |||
Ending WIP | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
Total | 23,000 | 29% | 6,670 | 14% | 3,220 |
Total EUP | 69,000 | 44,850 | 36,130 |
.
STEP 3 | |||||
Cost per Equivalent Units AND Cost to be accounted for | |||||
Material | Conversion cost | TOTAL | |||
Cost incurred in Current Period | $ 363,285 | $ 227,619 | $ 590,904 | ||
Total Equivalent Units | 44,850 | 36,130 | |||
Cost per Equivalent Units | $ 8.10 | $ 6.30 | $ 14.40 | ||
Cost of Beginning WIP | $ 324,335 | ||||
Total cost to be accounted for | $ 915,239 |
.
STEP 4 | |||||
Cost report [Including Reconciliation] | |||||
Cost of | Units Transferred | 46,000.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Units Transferred | TOTAL | ||
A | From Beginning WIP: | ||||
Material | 9,180 | $ 8.10 | $ 74,358 | ||
Conversion cost | 3,910 | $ 6.30 | $ 24,633 | $ 98,991 | |
B | Cost of Beginning WIP | $ 324,335 | |||
A+B | Total cost of 17000 units in beginning | $ 423,326 |
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete DM % complete conversion 25% 60% work in process, April 1 units completed during April work in process, April 30 units 27,000 46,000 32,000 70% 45% The cost of beginning work in process and the costs added during April were as follows: work in process, April 1 costs incurred during April total costs DM $ 20,340...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete DM 38% % complete conversion 71% work in process, April 1 units started during April work in process, April 30 units 18,000 80,000 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: work in process, April 1 costs added during April total costs DM $ 64,996...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...