FIFO cost assignment In November, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: Direct material $29.50 Packaging 3.00 Direct labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was $1,848,258 and consisted of • $1,420,272 direct material cost for 97,200 EUP. • $165,352 direct labor cost for 29,160 EUP. • $262,634 overhead cost for 34,020 EUP. Lamb Co. transferred a total of 666,000 units to finished goods during November and had 21,600 units in ending WIP Inventory. The ending inventory units were percent complete as to direct labor and 55 percent complete as to overhead. a. What percentage complete were the beginning inventory units as to direct material? 0 % What percentage complete were the beginning inventory units as to packaging? 0 % What percentage complete were the beginning inventory units as to direct labor? 30 % What percentage complete were the beginning inventory units as to overhead? 35 % b. What was the total cost of the completed beginning inventory units? $ 0 c. What was the cost of the units started and completed in November? $ 0 d. What was the cost of November's ending inventory? $ 0

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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FIFO cost assignment
In November, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows:
Direct material $29.50
Packaging
3.00
Direct labor
10.84
Overhead
7.68
Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was $1,848,258 and consisted of
• $1,420,272 direct material cost for 97,200 EUP.
• $165,352 direct labor cost for 29,160 EUP.
• $262,634 overhead cost for 34,020 EUP.
Lamb Co. transferred a total of 666,000 units to finished goods during November and had 21,600 units in ending WIP Inventory. The ending inventory units were 30
percent complete as to direct labor and 55 percent complete as to overhead.
a. What percentage complete were the beginning inventory units as to direct material?
%
What percentage complete were the beginning inventory units as to packaging? 0
%
What percentage complete were the beginning inventory units as to direct labor? 30
What percentage complete were the beginning inventory units as to overhead? 35
b. What was the total cost of the completed beginning inventory units? $ 0
c. What was the cost of the units started and completed in November? $ 0
d. What was the cost of November's ending inventory? $ 0
Transcribed Image Text:FIFO cost assignment In November, Lamb Co. computed its equivalent unit costs under FIFO process costing as follows: Direct material $29.50 Packaging 3.00 Direct labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was $1,848,258 and consisted of • $1,420,272 direct material cost for 97,200 EUP. • $165,352 direct labor cost for 29,160 EUP. • $262,634 overhead cost for 34,020 EUP. Lamb Co. transferred a total of 666,000 units to finished goods during November and had 21,600 units in ending WIP Inventory. The ending inventory units were 30 percent complete as to direct labor and 55 percent complete as to overhead. a. What percentage complete were the beginning inventory units as to direct material? % What percentage complete were the beginning inventory units as to packaging? 0 % What percentage complete were the beginning inventory units as to direct labor? 30 What percentage complete were the beginning inventory units as to overhead? 35 b. What was the total cost of the completed beginning inventory units? $ 0 c. What was the cost of the units started and completed in November? $ 0 d. What was the cost of November's ending inventory? $ 0
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