Exercise 8-33 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (40,000 units): Percentage complete with respect to Costs Ending work in process (56,000 units): Percentage complete with respect to Costs Required: Compute the Cost per equivalent unit Materials Direct Materials Conversion 100% $ 90,600 ?? 100% Conversion The Remington Plant started 230,000 units and transferred out 214,000 in July. Materials costs incurred in July were $734,000 and conversion costs were $1,119,000. 20% $ 25,636 ?? per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places. 60%
Exercise 8-33 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (40,000 units): Percentage complete with respect to Costs Ending work in process (56,000 units): Percentage complete with respect to Costs Required: Compute the Cost per equivalent unit Materials Direct Materials Conversion 100% $ 90,600 ?? 100% Conversion The Remington Plant started 230,000 units and transferred out 214,000 in July. Materials costs incurred in July were $734,000 and conversion costs were $1,119,000. 20% $ 25,636 ?? per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places. 60%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 8-33 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5)
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July
(all materials are added at the beginning of the process):
Beginning work in process (40,000 units):
Percentage complete with respect to
Costs
Ending work in process (56,000 units):
Percentage complete with respect to
Costs
Cost per equivalent unit
Materials
Direct
Materials
Conversion
100%
$ 90,600
??
100%
Conversion
20%
$ 25,636
??
The Remington Plant started 230,000 units and transferred out 214,000 in July. Materials costs incurred in July were
$734,000 and conversion costs were $1,119,000.
Required:
Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
Note: Round your answers to 2 decimal places.
60%
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