Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process Inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. 1. Cost of ending work in process inventory 2. Cost of the units transferred to the next department Materials $ 3,200 400 600 $ 2.32 Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for the period. Materials Conversion Conversion $ 650 200 1,200 $ 0.75 Total

Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process Inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. 1. Cost of ending work in process inventory 2. Cost of the units transferred to the next department Materials $ 3,200 400 600 $ 2.32 Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for the period. Materials Conversion Conversion $ 650 200 1,200 $ 0.75 Total

Name: Data concerning a recent period's activity in the Assembly Department
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Description: Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses theFIFO method in its process costing, appear below:Cost of work in process inventory at the beginning of the periodEquival

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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