Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 56,000 35,400 $ 91,400 $ 124,000 372,600 $ 496,600 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,000 gallons. • Units transferred out in July, 90,000 gallons. • Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places.

Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 56,000 35,400 $ 91,400 $ 124,000 372,600 $ 496,600 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,000 gallons. • Units transferred out in July, 90,000 gallons. • Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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