A department uses the FIFO method of process costing. All direct materials are added at the...

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Accounting

A department uses the FIFO method of process costing. All directmaterials are added at the beginning of the process. Thisdepartment has the following data for this month.
182 units in beginning WIP (53% complete with respect toconversion costs).
11,540 units started
184 units in ending WIP (55% complete with respect toconversion costs).
$15 direct material cost per equivalent unit
$17 conversion cost per equivalent unit
$4,432 beginning WIP direct materials costs
$3,638 beginning WIP conversion costs
What is the department's total cost of units completed andtransferred out (round final answer to nearest cent ifnecessary)?

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4.4 Ratings (785 Votes)

Solution Total Units Completed 37291618 Ending Inventory 448040 Working STEP 1 FIFO Reconciliation of Units Units already completed completed this period Material Conversion cost Material Conversion cost Beginning WIP 182 100 53 0 47 Units introduced 11540 Total units to be accounted for 11722 Completed and Transferred unit 11538 0 0 100 100 Ending WIP 184 0 0 100 55 0 STEP See Answer

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