Solution-Calculate the amounts for conversion costs using

Calculate the amounts for conversion costs using the FIFO

Reference no: EM132866104

Question - 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 following shows its March information:

Returns in process, March 1 (30% complete) 220

Returns started in March 2,200

Returns in process, March 31 (90% complete) 440

Labor and overhead costs for returns in process, March 1 $5,500

Labor and overhead costs incurred in March $254,100

Required - Calculate the amounts for conversion costs using the FIFO method:

1. Equivalent Units.

2. Cost per equivalent Units.

3. Cost of completed tax returns for month of March.

4. Cost of tax returns in process as of March 31.

Reference no: EM132866104

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Calculate the amounts for conversion costs using the FIFO

Reference no: EM132866104

Reference no: EM132866104

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