Chapter 17, Problem 17.27E

FIFO method, assigning costs (continuation of 17-26).

Required

For the data in Exercise 17-24, use the FIFO method to summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in process.

17-24 Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017:

^a Degree of completion: direct materials. 80%: conversion costs, 35%.

^b Degree of completion: direct materials, 80%; conversion costs, 40%.

Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.