Under FIFO, beginning cost balance is not included. Please round to the nearest centavo PROBLEM 8The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which usesprocess costing system:Opening inventory of work in process:Units – 500 (with all materials added and 50% of labor and overhead)Cost - Materials2, 400Labor1, 500Factory overhead760Put into production:Units – 5, 000Costs - Materials25, 100Labor19, 380Factory overhead14, 900Completed and transferred – 4, 800 unitsEnding inventory of work in process:Units – 700 (with all materials, and 60% of labor and overhead)10. The cost per equivalent unit (rounded to nearest centavo) under FIFO:11. The cost per equivalent unit (rounded to nearest centavo) under weighted average:

The Cost per equivalent unit (rounded to nearest centavo) under FIFO. Statement showing Equivalent…

PROBLEM 8 The following data for the month of September were taken form the cost records of Department 1 of Pro-Life pre process costing system: Opening inventory of work in process: Units – 500 (with all materials added and 50% of labor and overhead) Cost - Materials 2, 400 Labor Factory overhead 1, 500 760 Put into production: Units – 5, 000 Costs - Materials 25, 100 Labor 19, 380 Factory overhead 14, 900 Completed and transferred – 4, 800 units Ending inventory of work in process: Units – 700 (with all materials, and 60% of labor and overhead) 10. The cost per equivalent unit (rounded to nearest centavo) under FIFO:

PROBLEM 8 The following data for the month of September were taken form the cost records of Department 1 of Pro-Life pre process costing system: Opening inventory of work in process: Units – 500 (with all materials added and 50% of labor and overhead) Cost - Materials 2, 400 Labor Factory overhead 1, 500 760 Put into production: Units – 5, 000 Costs - Materials 25, 100 Labor 19, 380 Factory overhead 14, 900 Completed and transferred – 4, 800 units Ending inventory of work in process: Units – 700 (with all materials, and 60% of labor and overhead) 10. The cost per equivalent unit (rounded to nearest centavo) under FIFO:

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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