Calculate costs using the FIFO method Data Units Percent Complete Transferred-in

Question

Calculate costs using the FIFO method Data Units Percent Complete Transferred-in Direct Materials Conversion Units in beginning WIP inventory             12,500 ? 60% 40% Units Started           127,500 Ending WIP             20,000 ? 50% 90% total units Beginning Cost $       98,000 $          164,000 $        61,000 Costs Added $   2,142,000 $          939,600 $      225,000 Answers Cost of units transferred out Cost of work-in-process ending inventory Calculate costs using the FIFO method Data Units Percent Complete Transferred-in Direct Materials Conversion Units in beginning WIP inventory             12,500 ? 60% 40% Units Started           127,500 Ending WIP             20,000 ? 50% 90% total units Beginning Cost $       98,000 $          164,000 $        61,000 Costs Added $   2,142,000 $          939,600 $      225,000 Answers Cost of units transferred out Cost of work-in-process ending inventory

Explanation / Answer

Equivalent Units statement Transferred in Cost Material Conversion Units Input Particulars Units Output Equivalent units % complete Equivalent units % complete Equivalent units % complete 12500 Opening WIP 127500 Input Completed from Opening WIP 12500 0 0% 5000 40% 7500 60% Completed started and completed 107500 107500 100% 107500 100% 107500 100% Closing WIP 20000 20000 100% 10000 50% 18000 90% 140000 140000 127500 122500 133000 Statement Showing cost per unit Current Cost Equivalent units Cost per unit Transferred iN cost 2142000 127500 16.8 Material 939600 122500 7.67 Conversion 225000 133000 1.69 Cost per unit $26.16 per unit Cost of production summary Total cost of Completed Goods Completed from Opening WIP (12500 units) 374,025 Opening cost (98000+164000+61000) 323000 Material Cost(5000 Eq. units@7.67) 38350 Conversion(7500 units@1.69) 12675 Completed started and completed (107500 units @26.16)) 2,812,200 Total cost of units transferred Out 3,186,225 Cost of Closing WIP 443120 Transferred in Cost(20,000 units@16.80) 336000 Material (10000 eq units@7.67) 76700 Conversion(18000 eq units@1.69) 30420

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