Cost and management accounting
Robert Ltd had computed the flow of units for Department A for the month of May as follows:
Work in process, May 1:
Started into production during May
Units to be accounted for
Added during the
work in process
Materials are added at the beginning of the process. There were 8,000 units of work in process at May 31. The work in process at May 1 was 70% complet as to direct labour and factory overhead costs and the work in process at May 31 was 60% complet as to direct labour and factory overhead costs.
What was the cost of the goods transferred out and in ending work in process using the FIFO method?
what are the steps to best answer this type of question
Statement of cost of units transferred Material Conversion... View the full answer