Direct Material 1 Direct Material 2 Conversion costs %...
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Accounting
| Direct Material 1 | Direct Material 2 | Conversion costs | |||||||
| % Complete | Physical units | Total $ | Equivalent units | $ | Equivalent units | $ | Equivalent units | $ | |
| Beginning balance WIP | 30% | 3,000 | $7,000 | 3,000 | $6,000 | - | $0 | 900 | $1,000 |
| Units started (current costs) | 9,000 | $33,600 | 9,000 | $12,800 | 12,000 | $9,800 | 10,100 | $11,000 | |
| Total to account for | 12,000 | $40,600 | 12,000 | $18,800 | 12,000 | $9,800 | 11,000 | $12,000 | |
| Equivalent cost rates | |||||||||
| Units completed/Transferred out (COGM) | 7,000 | 7,000 | 7,000 | 7,000 | |||||
| Ending balance WIP | 80% | 5,000 | 5,000 | 5,000 | 4,000 | ||||
| Total to account for | 12,000 | 12,000 | 12,000 | 11,000 | |||||
Above is a partially completed process costing template that you can also download in excel Download download in excel
Assuming the company uses the FIFO method, calculate the total value of ending work in process inventory
Enter your final answer to 2 decimal places.
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