28 Dec Data concerning a recent per
Data concerning a recent period’s activity in the Assembly Department, the first processing department in a company that uses process costing, appear below:
Materials Conversion
Cost of work in process inventory at the beginning of the period $ 3,400 $ 590
Equivalent units of production in the ending work in process inventory 400 240
Equivalent units of production required to complete the beginning work
in process inventory 500 1,150
Cost per equivalent unit for the period $ 2.50 $ .70
A total of 26,200 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 1,900 units and`ending work in process inventory consisted of 1,000 units.
Required:
Using the FIFO method, compute the cost of the units transferred to the next department during the period and the cost of ending work in process inventory.
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