Required information Problem 16-6AA FIFO: Costs per equivalent unit, costs assig

Question

Required information Problem 16-6AA FIFO: Costs per equivalent unit, costs assigned to products LO C2, C4 The following information applies to the questions displayed below During May, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 39,300 were in process in the production department at the beginning of May and 168,500 were started and completed in May. May's beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of May, 53,100 additional units were in process in the production department and were 70% complete with respect to materials and 20% complete with respect to conversion. The production department had $695,872 of direct materials and $433,923 of conversion cost charged to it during May. Its beginning inventory included $75,875 of direct materials cost and $30,293 of conversion cost Problem 16-6A Part 2, 3 and 4 2-4. Using the FIFO method, assign May's costs to the units transferred to finished goods and assign costs to its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) 30%, 100% 70%-27.510 39.30? 0 11.79 168,50 inventory-units 168,5 units 170 Total units 260,9 217,460 ost per equivalent unit of Materials Conversion on ts incurred this 695,872 Total costs +Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) 695,872 Costs 433,923 206,630 $ 2.10 EUP 217,460 EUP $ 3.2 Beginning Inventory Cost Cost to complete units in Cost per Total cost EUP Direct materials Conversion Total cost to complete beginning inventory Cost of units started and completed Cost per Total cost EUP EUP Direct materials S 0.00 S 0.0 Conversion Total cost of units started and Total cost of units transferred out Costs of ending work in process Cost per Total cost S 0.00$ 0. Direct materials Conversion Total cost of ending work in rocess Total costs accounted for

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 39,300 Add: Units Started in Process 221,600 Total Units to account for: 260,900 UNITS TO BE ACCOUNTED FOR: Units completed from Beginning WIP 39300 Units started and completed 168,500 Ending Work in Process 53,100 Total Units to be accounted for: 260,900 Equivalent Units: Physical Material Cost Conversion Units % Completion Units % Completion Units Units completed from Beg. WIP 39300 30% 11,790 70% 27,510 Units started and completed 168500 100% 168,500 100% 168,500 Ending Work in Process 53100 70% 37,170 20% 10,620 Total Equivalent units 260900 217,460 206,630 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 695,872 433,923 Equivalent Units 217,460 206,630 Cost per Equivalent unit 3.2 2.1 TOTAL COST ACCOUNTED FOR: Units Completed from Beginning WIP (39300 units) Equivalent unit Cost per EU Total Cost Beginning Cost 106168 Material 11,790 3.2 37728 Conversion Cost 27,510 2.1 57771 Cost of units completed from Beg WIP 201667 Units started and Transferred out (168500 units) Equivalent unit Cost per EU Total Cost Material 168,500 3.2 539200 Conversion Cost 168,500 2.1 353850 Total Cost of Units completed and transferred out: 893050 Ending Work in process (53100 units) Equivalent unit Cost per EU Total Cost Material 37,170 3.2 118944 Conversison Cost 10,620 2.1 22302 Total cost of Ending Work in process: 141,246

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