Please help with the following question Data concerning a recent period\'s activ

Question

Please help with the following question

Data concerning a recent period's activity in the Mixing Department, the first processing department in a company that uses process costing, appear below: A total of 8.000 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 1.000 units and ending work in process inventory consisted of 2.000 units. Required: a. Using the FIFO method, compute the cost of the units transferred to the next department during the period (Do not round intermediate calculations. Round your final answer to nearest whole number.) b. Using the FIFO method, compute the cost of ending work in process inventory during the period. (Do not round intermediate calculations. Round your final answer to nearest whole number.)

Explanation / Answer

Cost transferred to next department:
Materials:
4.40*8000 + 2700 (beginning wip) = $37,900

Conversion:
1.30*8000 + 380 (begining wip) = $10,780

Total: $48,680

Cost of ending WIP:
Material:
800*4.40 = $3520

Conversion:
200*1.3 = $260

Total: $3780

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