Shyne Incorporated calculates cost for an equivalent unit of production using the FIFO method.Data for July:Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed)$ 122,700Conversion (56% completed)77,150Balance in work in process inventory, July 1$ 199,850Units started during July93,000Units completed and transferred107,700Work-in-process inventory, July 31: Direct materials (94% completed)24,300Conversion (56% completed) Cost incurred during July: Direct materials$ 183,000Conversion costs291,000Cost per equivalent unit for conversion under the FIFO method is calculated to be:

Calculation of Equivalent units of Work in process inventory July 1 for conversion to…

Answered: S hyne Incorporated calculates cost for…

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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hyne Incorporated calculates cost for an equivalent unit of production using the FIFO method.

Data for July:
Work-in-process inventory, July 1 (39,000 units):
Direct materials (94% completed)	$ 122,700
Conversion (56% completed)	77,150
Balance in work in process inventory, July 1	$ 199,850
Units started during July	93,000
Units completed and transferred	107,700
Work-in-process inventory, July 31:
Direct materials (94% completed)	24,300
Conversion (56% completed)
Cost incurred during July:
Direct materials	$ 183,000
Conversion costs	291,000