-) Tan and Wu, an individual income tax preparation firm, uses the FIFO method of process costing for the monthly reports. The ff. shows its March 2020 information: Returns in process, March 1 (30% completed) 100 Returns started in March 1,100 Returns in process, March 31 (90% completed) Labor and overhead costs for returns in process, March 1 Labor and overhead costs incurred in March 200 P 330 P 138,000 The company uses the FIFO method. Requirements: 1. EUP for March 2. Cost per equivalent units 3. Cost of competed returns for the month of March
-) Tan and Wu, an individual income tax preparation firm, uses the FIFO method of process costing for the monthly reports. The ff. shows its March 2020 information: Returns in process, March 1 (30% completed) 100 Returns started in March 1,100 Returns in process, March 31 (90% completed) Labor and overhead costs for returns in process, March 1 Labor and overhead costs incurred in March 200 P 330 P 138,000 The company uses the FIFO method. Requirements: 1. EUP for March 2. Cost per equivalent units 3. Cost of competed returns for the month of March
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:-) Tan and Wu, an individual income tax preparation firm, uses the FIFO method of process
costing for the monthly reports. The ff. shows its March 2020 information:
Returns in process, March 1 (30% completed)
100
1,100
200
Returns started in March
Returns in process, March 31 (90% completed)
Labor and overhead costs for returns in process, March 1
P 330
Labor and overhead costs incurred in March
P 138,000
The company uses the FIFO method.
Requirements:
1. EUP for March
2. Cost per equivalent units
3. Cost of competed returns for the month of March
4. Cost of returns in process as of March 31
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