Use fifo method to summarize total costs to acocunt for

Reference no: EM13585213

Consider the following data for the assembly division of Company, Inc,

The assembly division uses the weighted-average method of process costing

	Physical Units	Direct Materials	Conversion Costs
Beginning work in process (May 1st) (a)	100	$547,100	$141,600
Started in May 2013	510
Completed during May 2013	450
Ending work in Process (May 31)(b)	160
Total Costs added during May 2013		$3,85,600	$1,748,460

(a) degree of comlpetion : direct materials,80%; conversion costs, 35%

(b) degree of completion : direct materials,80%; conversion costs,80%

1. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule

Using FIFO METHOD of process costing instead of weighted-average method.

2.Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule

3.Use FIFO METHOD to summarize total costs to acocunt for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending work in process

Reference no: EM13585213

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