FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department:

Direct Materials Conversion Costs

Units started and completed $40,00040,000$

Units, beginning work in process:

$16,000\backslash$times $0\%$

$16,000\backslash$times $50\%8,000$

Units, ending work in process:

$20,000\backslash$times $100\%20,000$

$20,000\backslash$times $25\%5,000$

Equivalent units of output $60,00053,000$

Costs in beginning work in process were direct materials, $$20,000$; conversion costs, $$80,000.$ Manufacturing costs incurred during April were direct materials, $$180,000$; conversion costs, $$339,200.$Compute the cost per equivalent unit for April. If required, round your answer to the nearest cent.

$

$$ per equivalent unit

Determine the cost of ending work in process and the cost of goods transferred out.

Cost of ending work in process

Cost of goods transferred out

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Prepare the journal entry that transfers the costs from Cutting to Sewing.

Work in Process$-$Sewing

$$

$x$

$$