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

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Accounting

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\times 0%
16,000\times 50%8,000
Units, ending work in process:
20,000\times 100%20,000
20,000\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
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