Daosta Incorporated uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Required: Using the first-in, first-out method:a. Determine the equivalent units of production for materials and conversion costs.b. Determine the cost per equivalent unit for materials and conversion costs. (Round your final answers to 2 decimal places.)c. Determine the cost of ending work in process inventory.d. Determine the cost of units transferred out of the department during the month.

Question

Daosta Incorporated uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Required: Using the first-in, first-out method:a. Determine the equivalent units of production for materials and conversion costs.b. Determine the cost per equivalent unit for materials and conversion costs. (Round your final answers to 2 decimal places.)c. Determine the cost of ending work in process inventory.d. Determine the cost of units transferred out of the department during the month.

Joseph Palezyan · Accepted Answer

Final Answer :

First-in, first-out methoda. Units started and completed during the period = Units completed during the period − Units in beginning work in process inventory = {{[v(7)]:#,###}} − {{[v(1)]:#,###}} = {{[v(14)]:#,###}}

b.

c.

d.

Definitions

Learning Objectives

Learning Objectives

Related questions