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Problem
Bisson Furniture uses a process cost system to account for its chair factory. Beginning inventory consisted of 5,000 units (100% complete as to material, 55% complete as to labor) with a cost of $124,800 materials and $104,500 conversion. 58,000 units were started into production during the month with material costs of $1,537,000 and $2,124,375 of conversion costs. The ending inventory of 6,000 chairs was 100% complete as to materials and 40% complete as to labor.
Required: HINT: Use the excel template found on blackboard "Equivalent Units of Production" to help you.
Using the FIFO (first-in-first out method):
a. Compute the equivalent units of production for each input.b. Compute the cost per unit.c. Compute the cost transferred out to finished goods.d. Compute the ending work in process inventory balance.
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