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49 - Exercise412(20minutes FIFOMethod 1...

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Exercise 4-12  (20 minutes) FIFO Method 1. Materials Labor Overhead To complete beginning work in process: Materials: 80,000 gallons  × (100%   80%)  ................................ 16,000 Labor: 80,000 gallons  × (100%   75%)  ................................ 20,000 Overhead: 80,000 gallons  × (100%   75%)  ................................ 20,000 Units started and completed during the period ................................................. 710,000 710,000 710,000 Ending work in process: Materials: 50,000 gallons  ×  60% .......... 30,000 Labor: 50,000 gallons  ×  20%  .............. 10,000 Overhead: 50,000 gallons  ×  20%  ........ 10,000 Equivalent units of production  ................ 756,000 740,000 740,000 2. Materials Labor Overhead Cost added during the period (a)  ............ $907,200 $370,000 $592,000 Equivalent units of production (b)  ........... 756,000 740,000 740,000 Cost per equivalent unit (a)  ÷  (b)  ......... ` $1.20 $0.50 $0.80 Exercise 4-13  (45  minutes)   FIFO method 1.  Computation of the total cost per equivalent unit of production:
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