Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments: Units in beginning inventory 400 Units started into production 4,290 Units in ending inventory 290 Units transferred to the next department 4,400 Materials Conversion Percentage completion of beginning inventory 70% 30% Percentage completion of ending inventory 80% 30% The cost of beginning inventory according to the company’s costing system was $7,845 of which $4,862 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,777. The costs per equivalent unit for the month were: Materials Conversion Cost per equivalent unit $18.00 $23.00 Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.) Materials Conversion Total Total cost of units transferred out
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments: Units in beginning inventory 400 Units started into production 4,290 Units in ending inventory 290 Units transferred to the next department 4,400 Materials Conversion Percentage completion of beginning inventory 70% 30% Percentage completion of ending inventory 80% 30% The cost of beginning inventory according to the company’s costing system was $7,845 of which $4,862 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,777. The costs per equivalent unit for the month were: Materials Conversion Cost per equivalent unit $18.00 $23.00 Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.) Materials Conversion Total Total cost of units transferred out
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jarvene Corporation uses the FIFO method in its
| Units in beginning inventory | 400 |
| Units started into production | 4,290 |
| Units in ending inventory | 290 |
| Units transferred to the next department | 4,400 |
| Materials | Conversion | |||
| Percentage completion of beginning inventory | 70% | 30% | ||
| Percentage completion of ending inventory | 80% | 30% | ||
The cost of beginning inventory according to the company’s costing system was $7,845 of which $4,862 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,777. The costs per equivalent unit for the month were:
| Materials | Conversion | |
| Cost per equivalent unit | $18.00 | $23.00 |
Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.)
|
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