Lights Incorporated calculates cost for an equivalent unit of production using the FIFO method. ...
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Accounting
Lights Incorporated calculates cost for an equivalent unit of production using the FIFO method.
| Data for July: | |
|---|---|
| Work-in-process inventory, July 1 (35,500 units): | |
| Direct materials (96% completed) | $ 123,000 |
| Conversion (47% completed) | 77,450 |
| Balance in work in process inventory, July 1 | $ 200,450 |
| Units started during July | 86,500 |
| Units completed and transferred | 97,400 |
| Work-in-process inventory, July 31: | |
| Direct materials (96% completed) | 24,600 |
| Conversion (47% completed) | |
| Cost incurred during July: | |
| Direct materials | $ 186,000 |
| Conversion costs | 266,500 |
Cost per equivalent unit for conversion under the FIFO method is calculated to be:
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