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Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates C2 C3 C4 P4
Dengo Co. makes a trial mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of
Cost | Direct Materials | Conversion |
Of beginning work in process inventory | $ 9,900 | $ 110,970 |
Added during the month | 248,400 | 1,082,970 |
Required
- Prepare the roasting department’s process cost summary for October using the FIFO method. Check (1) EUP for conversion, 22,920
- Prepare the
journal entry dated October 31 to transfer the cost of completed units to the blending department. (2) Cost transferred out to blending, $1,333,920
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Loose-Leaf for Financial and Managerial Accounting
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