Book1_FIFO method

Book1_FIFO method - 75 Cost per Equivalent unit $53.33...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
First-in First-out Method(FIFO method) Step 1 Step Equivalen Physical units Direct materials Beginning WIP 25 Units started during current period 75 Total units to account for 100 From beginning WIP 25 Direct matertials 100% completed 0 [25 x 0%] Conversion costs 60% completed [25 x 40%] 65 Direct materials [65 x 100%] 65 Conversion costs [65 x 100%] From ending WIP 10 Direct materials 100% 10 [10 x 100%] Conversion costs 10 % [10 x 10%] Units account for 100 Work done in current period only 75 Cost per Equivalent unit Step 4 Step Total product cost Direct materials Beginning WIP $4,000 Current period costs added $14,000 $4,000 Total costs to account for $18,000 $4,000 Divide by Equivalent units [Step 2]
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 75 Cost per Equivalent unit $53.33 Assign total costs Step 5 Direct materials Conversion costs From beginning WIP Balance at start $1,000 $3,000 Add: cost to finish beginning WIP Direct materials [0 x $53.33] $0 Conversion cost [10 x $131.58] $1,316 Total From units started & completed Direct materials [65 x $53.33] $3,466.45 Conversion cost [65 x $131.58] $8,552.70 Total From ending WIP Direct materials [10 x $53.33] $533.30 Conversion cost [1 x $131.58] $131.58 Total Total costs to account for p 2 nt units Conversion costs 10 65 1 76 p 3 Conversion cost $10,000 $10,000 76 $131.58 Total costs $5,316 $12,019.15 $664.88 $18,000...
View Full Document

This note was uploaded on 03/26/2011 for the course ECON 146 taught by Professor Tony during the Spring '11 term at FH Accadis.

Page1 / 4

Book1_FIFO method - 75 Cost per Equivalent unit $53.33...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online