Hand-in Process Costing Problem FIFO

Accounting: Tools for Business Decision Making

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Name___________________________ Hand-in Process Costing Problem – FIFO Class Hour______ Conquest Corporation experienced the following activity in its Assembly Department during March. Units: Work in process inventory, March 1 (75% complete as to direct materials, 40% complete as to conversion costs) 30,000 Transferred in from the Cutting Dept. during March 150,000 Total units to account for 180,000 Units completed and transferred out during March 145,000 Units in work in process inventory, March 31 (55% complete for direct materials, 20% complete for conversion costs) 35,000 Total units accounted for 180,000 Costs: Work in process inventory, March 1 $ 635,000 Transferred in from Cutting Dept. in March 1,575,000 Direct materials added in March 567,000 Conversion costs added in March 721,000 Total costs to account for $3,498,000 Compute the following using the FIFO method in your calculations a) Equivalent units for transferred-in costs, direct materials, and conversion costs. Fill in the non shaded areas of the table. Equivalent Units
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Hand-in Process Costing Problem FIFO - Name_ Hand-in...

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