70.2K

Verified Solution

Link Copied!

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 380 4,250 320 4,310 Percentage completion of beginning inventory Percentage completion of ending inventory Materials Conversion 70% 30% 504 904 The cost of beginning inventory according to the company's costing system was $7,872 of which $4,840 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,164. The costs per equivalent unit for the month were: Cost per equivalent unit Materials Conversion $18.00 $23.00 Required: 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent units of material and conversion in the ending inventory 3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory 4. Compute the number of units started and completed during the month. 5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month. 6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month

Answer & Explanation Solved by verified expert

See Answer