Cost Information And Fifo Gunnison Company Had The Following Equivalent Units Schedule And Cost Information For Its Sewi 1 (82.74 KiB) Viewed 60 times
Cost Information and FIFO Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Direct Materials Conversion Costs 50,000 Units started and completed Add: Units in beginning work in process x Percentage complete: 5,000 x 0% direct materials 5,000 x 50% conversion Costs Add: Units in ending work in process x Percentage complete: 12,000 x 100% direct materials 12,000 x 35% conversion Costs Equivalent units of output Costs: Work in process, December 1: Direct Material Conversion Costs Total work in process Current costs: Direct Material Conversion Costs Total current costs Required: 50,000 12,000 62,000 1. Calculate the unit cost for December, using the FIFO method. 2,500 4,200 56,700 $35,000 15,000 $50,000 $496,000 113,400 $609,400
Required: 1. Calculate the unit cost for December, using the FIFO method. $ per equivalent unit 2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for. Cost of goods transferred out Cost of EWIP Cost to account for: BWIP Current (December) Total $ $ $ 3. What if you were asked for the unit cost from the month of November? Calculate November's unit cost. $ per equivalent unit
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!