Reference no: EM132540535

a) FIFO EUP= Units transfered out to next dept or to COGS + EUP in EI-EUP in Beginning Inventory

b) FIFO: FIFO EUP=EUP to complete beginning WIP + Units started and completed during the period+ EUP EI

c)FIFO EUP to complete beginning WIP=Units Beginning WIP Inventory x (100%-% Completion of Beginning WIP Inventory)

d) FIFO EUP=Weighted Average EUP -EUP in Beginning Inventory Or FIFO EUP=Units transferred out of dept + EUP Ending Inventory - EUP Beginning Inventory

EXERCISE:

Beginning Inventory 611 units 59% complete in Materials and 33% Complete in conversion or

Units started and completed 10,954 units

Ending Inventory 669 units 48% complete to material and 25% complete to conversion

Prior Month Shaping and Milling Dept  MATERIALS              CONVERSION          Total

Cost of Beginning WIP Inventory...... .. 9,700..................$5,575................$15,275

Costs added during the period...............$369,600................$350,900...............$720,500 (EUP 4 FIFO

Total Cost (a).....................................$379,300..............$356,475................$735,775 (WA)

Required:

Question 1: Prepare the schedule of EUP for Weighted Average and FIFO methods and for application of costs