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Calculate equivalent units, unit costs, and costs assigned with FIFO. The following information is for...

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Question

Accounting

Calculate equivalent units, unit costs, and costs assigned with FIFO.

The following information is for production activities in the refining department of Petro Pure Corporation. All units in work in process (WIP) were costed using the FIFO cost system.

Refining Department

Units

Percentage of Completion

Conversion Costs

WIP, February 1

25,000

70%

$ 22,000

Units started and costs incurred during February

135,000

143,000

Units completed and transferred to the mixing department

100,000

WIP, February 28

?

60%

?

Instructions

(a)

Calculate the conversion costs per equivalent unit of production during the last period and this period.

Last period

$1.257

This period

$1.2067

(b)

Calculate the conversion cost in the work in process inventory account at February 28.

(c)

Calculate the per-unit conversion cost of the units started last period and completed this period.

Answer & Explanation Solved by verified expert
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