Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Fabricating department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Calculate the cost per equivalent unit for conversion. $2.76 $3.15 $2.90 $3.68 $3.00 Direct materials Percent Conversion Units 80,000 Complete Percent Complete 60% 20% 250,000 330,000 30,000 40% 10% $ 98,760 79,700 $ 178,460 $ 646,800 919,300 $ 1,566,100

Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Fabricating department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Calculate the cost per equivalent unit for conversion. $2.76 $3.15 $2.90 $3.68 $3.00 Direct materials Percent Conversion Units 80,000 Complete Percent Complete 60% 20% 250,000 330,000 30,000 40% 10% $ 98,760 79,700 $ 178,460 $ 646,800 919,300 $ 1,566,100

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 11E: The charges to Work in ProcessAssembly Department for a period, together with information concerning...

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