The cutting process of Skysong Designs equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period DM Cost of units in ending WIP inventory 25 750 100 Conversion Costs 25 750 Skysong's cost per equivalent unit is $66 for DM and $34 for conversion costs. How much cost should Skysong assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 50
The cutting process of Skysong Designs equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period DM Cost of units in ending WIP inventory 25 750 100 Conversion Costs 25 750 Skysong's cost per equivalent unit is $66 for DM and $34 for conversion costs. How much cost should Skysong assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting
Transcribed Image Text:The cutting process of Skysong Designs started the year with $6,600 in beginning inventory. By year-end, Skysong determined
equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows.
Units in beginning WIP Inventory completed this period
Units started and completed this period
Units in ending WIP Inventory
Total cost of units completed this period $
DM
Cost of units in ending WIP inventory
25
750
100
Conversion Costs
25
750
Skysong's cost per equivalent unit is $66 for DM and $34 for conversion costs. How much cost should Skysong assign to the units
completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process?
50
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