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Tabet Corporation uses the FIFO method in its process costing system. Operating data for the Curing...

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Accounting

Tabet Corporation uses the FIFO method in its process costingsystem. Operating data for the Curing Department for the month ofMarch appear below:

UnitsPercent Complete with Respect toConversion
Beginning work in process inventory5,80070%
Transferred in from the prior department during March57,100
Completed and transferred to the next department duringMarch58,800
Ending work in process inventory4,10090%

According to the company’s records, the conversion cost inbeginning work in process inventory was $20,449 at the beginning ofMarch. The cost per equivalent unit for conversion costs for Marchwas $5.10. How much conversion cost would be assigned to the unitscompleted and transferred out of the department during March?

  • $279,174

  • $299,623

  • $290,300

  • $299,224

Answer & Explanation Solved by verified expert
3.6 Ratings (508 Votes)
Correct answer299623 Working STEP 1 FIFO Reconciliation of Units Units already completed completed this period Conversion cost Conversion cost Beginning WIP 5800 70 30 Units introduced 57100 Total units to be accounted for 62900 Completed and Transferred    See Answer
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