Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed 31.800, and ending work in process 5,300 units that are 100% complete for materials and 40% complete for conversion costs. Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $8 and unit conversion cost is $12. The total costs to be assigned are $703,840. prepare the "costs accounted for" section of the production cost report for Cullumber Company using the FIFO method.

Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed 31.800, and ending work in process 5,300 units that are 100% complete for materials and 40% complete for conversion costs. Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $8 and unit conversion cost is $12. The total costs to be assigned are $703,840. prepare the "costs accounted for" section of the production cost report for Cullumber Company using the FIFO method.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PA: Materials are added at the beginning of a production process, and ending work in process inventory...

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