Calculate amounts for conversion costs using FIFO method

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Reference no: EM13790143

Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for the monthly reports. TRU has no materials cost in the preparation of the returns. The fol- lowing shows its March information:

Required

Returns in process, March 1 (30% complete) Returns started in March Returns in process, March 31 (90% complete) Labor and overhead costs for returns in process, March 1 Labor and overhead costs incurred in March

100 1,600 200 $ 2,500 $173,250

1. Calculate the following amounts for conversion costs using the FIFO method: 1. Equivalent units.

2. Cost per equivalent unit. 3. Cost of completed returns for the month of March. 4. Cost of returns in process as of March 31.

Reference no: EM13790143

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