Easy 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 units transferred out of the department during the month.
d)Determine the cost of ending work-in-process inventory in the department.

Question

Easy 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 units transferred out of the department during the month.
d)Determine the cost of ending work-in-process inventory in the department.

Quizplus · Accepted Answer

The Answer of  Easy 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 units transferred out of the department during the month.
d)Determine the cost of ending work-in-process inventory in the department.

Easy IncUses the FIFO Method in Its Process Costing System