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

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Accounting

  1. 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.

    • 166 units in beginning WIP (56% complete with respect toconversion costs).
    • 10,206 units started
    • 184 units in ending WIP (43% complete with respect toconversion costs).
    • $22 direct material cost per equivalent unit
    • $12 conversion cost per equivalent unit

    What is the department's total cost of ending WIP for this month(round final answer to nearest cent if necessary)?

Answer & Explanation Solved by verified expert
4.2 Ratings (632 Votes)
AnswerDepartments total cost of ending WIP for this month 499744 Working STEP 1 FIFO Reconciliation of Units Units already completed completed this period Material Conversion cost Material Conversion    See Answer
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