Company uses the FIFO method in its process costing system. The MIxing Department started the month with 700 units in process that were 20% complete, started in production 2,800 units, and transferred2,900 units to the finished goods storage area. All materials are added at the beginning of the process and conversion costs occur evenly. The units in process at the end of the month are 25% complete with respect to conversion costs. The department incurred the following costs: data table Beginning wip Added this month Total $5,880 9,312 15,192 $7,350 10,412 17,762 Direct materials $1,470 1,100 2,570 Conversion costs Total requirements 14a. how many units are still in process at the end of the month?
Company uses the FIFO method in its process costing system. The MIxing Department started the month with 700 units in process that were 20% complete, started in production 2,800 units, and transferred2,900 units to the finished goods storage area. All materials are added at the beginning of the process and conversion costs occur evenly. The units in process at the end of the month are 25% complete with respect to conversion costs. The department incurred the following costs: data table Beginning wip Added this month Total $5,880 9,312 15,192 $7,350 10,412 17,762 Direct materials $1,470 1,100 2,570 Conversion costs Total requirements 14a. how many units are still in process at the end of the month?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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this is just a study question but I don't really understand how to do FIFO production report I need explanation on how you arrived to your figures please.
Transcribed Image Text:Company uses the FIFO method in its process costing system. The Mixing Department started the month
with 700 units in process that were 20% complete, started in production 2,800 units, and transferred2,900
units to the finished goods storage area. All materials are added at the beginning of the process and
conversion costs occur evenly. The units in process at the end of the month are 25% complete with
respect to conversion costs. The department incurred the following costs:
data table
Beginning wip
Added this month
Total
$1,470
1,100
2,570
$5,880
9,312
15,192
$7,350
10,412
17,762
Direct materials
Conversion costs
Total
requirements
14a. how many units are still in process at the end of the month?
15a. compute the equivalent units of production for the Mixing Department for the current
month.
16a. determine the cost per equivalent unit for the current period for direct materials and
conversion costs.
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