The following data reports on the July production activities of the Molding department and Oak Company. Prepare the Molding department's production cost report using the FIFO method. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Units Direct Materials Percent CompleteConversion Percent Complete 6,000 100% 97,500 96,000 7,500 100% $55,650 6,840 $62,490 Costs added this period Direct materials Conversion 1072.500 566,010 1,638,510 20% 60% Using the FIFO method, what are the Equivalent Units of Production (EUPS) for direct materials and conversion?

The following data reports on the July production activities of the Molding department and Oak Company. Prepare the Molding department's production cost report using the FIFO method. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Units Direct Materials Percent CompleteConversion Percent Complete 6,000 100% 97,500 96,000 7,500 100% $55,650 6,840 $62,490 Costs added this period Direct materials Conversion 1072.500 566,010 1,638,510 20% 60% Using the FIFO method, what are the Equivalent Units of Production (EUPS) for direct materials and conversion?

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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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.55 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs The beginning work in process inventory on October 1 had a cost of $1,300. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 0 39,000 39,000 2,000 41,000 $ $ Equivalent Units Conversion 2,000 39,000 41,000 1,000 42,000 X X X
4.
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