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Physical Units Direct Materials Conversion Costs Work in Process, Jan 1* 40 ...

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Accounting

Physical Units
Direct Materials
Conversion Costs
Work in Process, Jan 1*
40
$6,000
$700
Started during the year
45
Work in Process, Dec 31**
26
Total cost added in the year
$16,000
$6,400
* Beginning WIP was 100% complete for direct materials and 30% complete for conversion costs.
** Ending WIP was 100% complete for direct materials and 43% complete for conversion costs.
What was the total value of Ending WIP on December 31 assuming the FIFO method is used? Round your answer to the nearest whole dollar.
Physical Units
Direct Materials
Conversion Costs
Work in Process, Jan 1*
40
$6,000
$700
Started during the year
45
Work in Process, Dec 31**
26
Total cost added in the year
$16,000
$6,400
* Beginning WIP was 100% complete for direct materials and 30% complete for conversion costs.
** Ending WIP was 100% complete for direct materials and 43% complete for conversion costs.
What was the total value of Ending WIP on December 31 assuming the FIFO method is used? Round your answer to the nearest whole dollar.

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