Using the fifo method compute the cost of the units

Reference no: EM13585846

Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses process costing, appear below:

	Materials		Conversion
Cost of work in process inventory at the beginning of the period	$	2,300	$	570
Equivalent units of production in the ending work in process inventory		360		250
Equivalent units of production required to complete the beginning work in process inventory		540		1,250
Cost per equivalent unit for the period	$	2.00	$	.50

A total of 26,900 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2,800 units and'ending work in process inventory consisted of 2,300 units.

Required:

Using the FIFO method, compute the cost of the units transferred to the next department during the period and the cost of ending work in process inventory.

	Materials	Conversion	Total
Cost of the units transferred to the next department
Cost of ending work in process inventory

Please explain how you arrive at your answers. I am trying to learn this new method. I don't just want answers alone. :)

Reference no: EM13585846

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