Chapter 04 – Appendix A FIFO Method
63. The equivalent units for labor and overhead for the month of August are:
Chapter 04 – Appendix A FIFO Method
64. In the department’s cost reconciliation report for February, the costs added to production
in the department would be:
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65. In the department’s cost reconciliation report for February, the total cost accounted for
would be:
In May, one of the processing departments at Lukman Corporation had beginning work in
process inventory of $11,000. During the month, $120,000 of costs were added to production
and the cost of units transferred out from the department was $94,000. The company uses the
FIFO method in its process costing system.
Chapter 04 – Appendix A FIFO Method
66. In the department’s cost reconciliation report for May, the cost of ending work in process
inventory would be:
Chapter 04 – Appendix A FIFO Method
67. In the department’s cost reconciliation report for May, the total cost to be accounted for
would be:
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68. Dita Company uses a process costing system. The following information relates to one
month’s activity in the company’s Curing Department.
The conversion cost of the beginning inventory was $6,500. During the month, $112,000 in
additional conversion cost was incurred.
Required:
a. Assume that the company uses the FIFO method. Compute:
1. The equivalent units of production for conversion for the month.
2. The cost per equivalent unit for conversion for the month.
3. The total cost transferred out during the month.
4. The cost assigned to the ending work in process inventory.
b. Assume that the company uses the weighted-average cost method. Compute:
1. The equivalent units of production for conversion for the month.
2. The cost per equivalent unit for conversion for the month.
3. The total cost transferred out during the month.
4. The cost assigned to the ending work in process inventory.
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69. Dana Inc. uses the FIFO method in its process costing system. The following data concern
the operations of the company’s first processing department for a recent month.
Required:
Using the FIFO method:
a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of ending work in process inventory.
d. Determine the cost of units transferred out of the department during the month.
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70. Ermoin Inc. uses the FIFO method in its process costing system. The following data
concern the operations of the company’s first processing department for a recent month.
Required:
Using the FIFO method:
a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of ending work in process inventory.
d. Determine the cost of units transferred out of the department during the month.
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