Easy Incorporated uses the first-in, first-out 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 first-in, first-out 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. (Round your answers to 2 decimal places.)c. Determine the cost of ending work in process inventory. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)d. Determine the cost of units transferred out of the department during the month. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)

Question

Easy Incorporated uses the first-in, first-out 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 first-in, first-out 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. (Round your answers to 2 decimal places.)c. Determine the cost of ending work in process inventory. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)d. Determine the cost of units transferred out of the department during the month. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)

Quizplus · Accepted Answer

The Answer of Easy Incorporated uses the first-in, first-out 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 first-in, first-out 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. (Round your answers to 2 decimal places.)c. Determine the cost of ending work in process inventory. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)d. Determine the cost of units transferred out of the department during the month. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)

Easy Incorporated Uses the First-In, First-Out Method in Its Process