Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Un its 250 8, 100 Percent Complete Conversion 40% Materials 50% Work in process, August 1 Un its started into product i on during August Un its completed during August and transferred to the next department Work in process, August 31 7,100 1, 250 70% 30% Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production

Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Un its 250 8, 100 Percent Complete Conversion 40% Materials 50% Work in process, August 1 Un its started into product i on during August Un its completed during August and transferred to the next department Work in process, August 31 7,100 1, 250 70% 30% Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production

Name: Lenning Corporation uses the FIFO method in its process costing. The
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Description: Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August.Un its2508, 100Percent CompleteConversion40%Materials50%Work in process, August 1Un its started into product i on durin

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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What is the direct materials cost per equivalent unit? What is the conversion cost per equivalent unit? What is the cost of beginning work in process completed during may? What is the cost of the ending work in process? What is the amount of costs transferred o finished goods (or next department)?
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Beginning work in process (40% complete) Direct materials. Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (75% complete) Current period costs Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Required: 1. Using FIFO method of process costing, complete each of the following steps: c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Units Req 1D ? 35,900 34,300 21,350 Costs $ 1,331,500 620,800 $ 1,952,300 $ 2,397,400 1,261,500 $ 3,658,900 Using FIFO method of process costing, reconcile the total cost of work in process. Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5…
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