Tarten Corporation uses the FIFO method in its process costing system. Operating

Question

Tarten Corporation uses the FIFO method in its process costing system. Operating data for the Curing Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $7,470 at the beginning of March. The cost per equivalent unit for conversion costs for March was $8.20. How much conversion cost would be assigned to the units completed and transferred out of the department during March? $525,530 $592,040 $533,000 $533,090

Explanation / Answer

Answer is $533,090

You know that Started & Completed is 53,000 units (57,000 – 1,000).

Units completed consist of Beginning Inventory and Started & Completed units. The cost of these units is

Particulars units % Conversion Beginning Inv 9000 90 8100 Started & Comp 56,000 100 56,000 Ending Inv 1000 70 700

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