Sample Process Costing Problem FIFO

Accounting: Tools for Business Decision Making

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Sample Process Costing Problem - FIFO Johnson Industries, Inc. experienced the following activity in its Coating Department during December. Units: Work in process inventory, December 1 (20% complete as to direct materials, 40% complete as to conversion costs) 22,500 Transferred in from the Assembly Dept. during December 105,000 Total units to account for 127,500 Units completed and transferred out during December 90,000 Units in work in process inventory, December 31 (40% complete for direct materials, 50% complete for conversion costs) 37,500 Total units accounted for 127,500 Costs: Work in process inventory, December 1 $ 54,000 Transferred in from Dept. 1 in December 157,500 Direct materials added in December 14,070 Conversion costs added in December 205,485 Total costs to account for $431,055 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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Sample Process Costing Problem FIFO - Sample Process...

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