Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed 31.800, and ending work in process 5,300 units that are 100% complete for materials and 40% complete for conversion costs. Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $8 and unit conversion cost is $12. The total costs to be assigned are $703,840. prepare the "costs accounted for" section of the production cost report for Cullumber Company using the FIFO method.
Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed 31.800, and ending work in process 5,300 units that are 100% complete for materials and 40% complete for conversion costs. Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $8 and unit conversion cost is $12. The total costs to be assigned are $703,840. prepare the "costs accounted for" section of the production cost report for Cullumber Company using the FIFO method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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m2.
Subject :- Accounting
Transcribed Image Text:In process, March 1
Started into production.
Total costs
Costs accounted for
Transferred out
In process, March 1
Started and completed
In process, March 31
Materials
Conversion costs
Total costs
$
$
Transcribed Image Text:Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed
31,800, and ending work in process 5,300 units that are 100% complete for materials and 40% complete for conversion costs.
Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $8 and unit conversion cost is $12. The total
costs to be assigned are $703,840. prepare the "costs accounted for" section of the production cost report for Cullumber Company
using the FIFO method.
Unit costs
Total costs
Equivalent units
Unit costs
Costs to be accounted for
In process, March 1
Started into production
Total costs
Costs accounted for
$
CULLUMBER COMPANY
(Partial) Production Cost Report
For the Month Ended March 31, 2022
Materials
$
Conversion
Costs
Total
1100
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