Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. daosta inc. uses the fifo method in its process co

Daosta Inc. uses the FIFO method in its process costing system. The following data concern...

90.2K

Verified Solution

Question

Accounting

Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the companys first processing department for a recent month.

Work in process, beginning:
Units in process 500
Percent complete with respect to materials 60 %
Percent complete with respect to conversion 10 %
Costs in the beginning inventory:
Materials cost $ 510
Conversion cost $ 2,096
Units started into production during the month 12,000
Units completed and transferred out 12,000
Costs added to production during the month:
Materials cost $ 20,485
Conversion cost $ 309,960
Work in process, ending:
Units in process 500
Percent complete with respect to materials 70 %
Percent complete with respect to conversion 70 %

Required:

Using the FIFO 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.

c. Determine the cost of ending work in process inventory.

d. Determine the cost of units transferred out of the department during the month.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A sequence is just an infinite list of numbers (say real numbers, we often denote these...

Advance Math
Q

Use the point on the line and the slope m of the line to find...

Geometry
Q

A PIN for a certain website must consist of four different digits from the set...

Basic Math
Q

Use the chain rule to find the derivative of f x 5 6x 9x6 16...

Calculus
Q

From inspecting the density histogram a student concludes that 33 of all statistics students in...

Algebra
Q

Newell Brands Incorporated is a leading global consumer goods company with a strong portfolio of...

Accounting
Q

Vaughn Audio, Inc. manufactures speakers. An additional $500 of raw materials was included in the...

Accounting
Q

Problem 6 (20 points) ...

Accounting
Q

The code on pages 20-21 of the Text book asks you to input a number,...

Accounting
Q

Describe the main courts in the Commonwealth and New South Wales court hierarchies and explain...

Accounting
Q

Using the Adjusted Trial Balance below prepare an Income Statement in proper form for the...

Accounting
Q

Companies that have preferred stock outstanding promise to pay a stated dividend for an infinite...

Finance