Reference no: EM132549608

The following data has been provided by Palafox Inc., a company that uses the FIFO method in its process costing system. The data concern the company's Shaping Department for the month of March.

Cost in beginning work- in process inventory....................$2,260

Units started and completed this month...........................4,650

                                                                        Materials                Conversion

Cost per equivalent unit                              $33.30                    $21.20

Equivalent units required to complete the units in beginning

Work- in process inventory                                    300                         230

Equivalent units in ending Work- in process inventory   380                          297

Required:

Question 1: Determine the cost of ending work-in-process inventory and the cost of the units transferred out of the department during March using the FIFO method.