At the beginning of the period, the sewing department had 8,000 socks in process worth $21,000: $9,600 in direct materials and $11,400 in conversion costs. Socks in inventory at the beginning of the period are 50% complete with respect to direct materials and 65% complete with respect to conversion costs. The sewing department spent $64,000 on direct materials and $85,000 on conversion costs this year, completing 47600 socks. Once the socks are completed, they are transferred to the finished goods inventory to be shipped. At the end of the period, the sewing department has 8,000 socks in inventory, 60% complete with respect to direct materials and 85% complete with respect to conversion costs. Required: Using FIFO, find the total costs, equivalent units, cost per equivalent unit, and the value of ending WIP and the cost of completed units.
At the beginning of the period, the sewing department had 8,000 socks in process worth $21,000: $9,600 in direct materials and $11,400 in conversion costs. Socks in inventory at the beginning of the period are 50% complete with respect to direct materials and 65% complete with respect to conversion costs. The sewing department spent $64,000 on direct materials and $85,000 on conversion costs this year, completing 47600 socks. Once the socks are completed, they are transferred to the finished goods inventory to be shipped. At the end of the period, the sewing department has 8,000 socks in inventory, 60% complete with respect to direct materials and 85% complete with respect to conversion costs. Required: Using FIFO, find the total costs, equivalent units, cost per equivalent unit, and the value of ending WIP and the cost of completed units.
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units....
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At the beginning of the period, the sewing department had 8,000 socks in process worth $21,000: $9,600 in direct materials and $11,400 in conversion costs. Socks in inventory at the beginning of the period are 50% complete with respect to direct materials and 65% complete with respect to conversion costs.
The sewing department spent $64,000 on direct materials and $85,000 on conversion costs this year, completing 47600 socks. Once the socks are completed, they are transferred to the finished goods inventory to be shipped.
At the end of the period, the sewing department has 8,000 socks in inventory, 60% complete with respect to direct materials and 85% complete with respect to conversion costs.
Required:
- Using FIFO, find the total costs, equivalent units, cost per equivalent unit, and the value of ending WIP and the cost of completed units.
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