### Work-in-Process Inventory Information for Remington Plant (July)The following details regarding the work-in-process inventory pertain to Remington Plant for the month of July. Note that all materials are added at the beginning of the process:#### Inventory Information- **Beginning Work in Process (35,000 units):** - **Percentage complete with respect to:** - Materials: **100%** - Conversion: **20%** - **Costs:** - Materials: **$88,100** - Conversion: **$23,136**- **Ending Work in Process (51,000 units):** - **Percentage complete with respect to:** - Materials: **100%** - Conversion: **60%** - **Costs:** - Materials: **??** - Conversion: **??**The Remington Plant initiated 225,000 units and transferred out 209,000 units during July. The costs incurred during this period for materials were $684,000, and conversion costs amounted to $1,069,000.### Requirement- **Objective:** Calculate the cost per equivalent unit for materials and conversion costs using the FIFO (First-In, First-Out) method.- **Note:** Round your answers to two decimal places.#### Computation Table| | Direct Materials | Conversion ||--------------------------------|------------------|------------|| Cost per equivalent unit | | |This structure helps in understanding the distribution of costs and the phases of the production process. Make use of the given data to complete your calculations accurately.

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Description: ### Work-in-Process Inventory Information for Remington Plant (July)The following details regarding the work-in-process inventory pertain to Remington Plant for the month of July. Note that all materials are added at the beginning of the process:###

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The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (35,000 units): Percentage complete with respect to Costs Ending work in process (51,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 88,100 ?? 100% 20% $ 23,136 ?? 60% The Remington Plant started 225,000 units and transferred out 209,000 in July. Materials costs incurre July were $684,000 and conversion costs were $1,069,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places.

The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (35,000 units): Percentage complete with respect to Costs Ending work in process (51,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 88,100 ?? 100% 20% $ 23,136 ?? 60% The Remington Plant started 225,000 units and transferred out 209,000 in July. Materials costs incurre July were $684,000 and conversion costs were $1,069,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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