Problem E (54 points) The inventory at May 1 and the costs charged to Work in Pr

Question

Problem E (54 points) The inventory at May 1 and the costs charged to Work in Process B during May for Star Company are as follows: --Department s 65.600 78,300 292.400 107,100 Direct labor. During May, all direct materials are transferred from Department A, the units in process at May 1 were completed, and of the 43,500 units entering the department, all were completed except 9,000 units which were two-thirds completed. Inventories are costed by the first-in, first-out method Prepare a cost of production report for May

Explanation / Answer

Equivalent unit :FIFO

Calculate cost per unit :

Prepare cost of production report :

Physical unit % material % conversion cost Beginning work in process 8000 0% 0 1/4 2000 unit started and completed 34500 100% 34500 100% 34500 Ending work in process 9000 100% 9000 2/3 6000 Equivalent unit of production 43500 42500

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