Exam 20: Fifo Method

Farsat Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method,determine the equivalent units of production for materials and conversion costs.

Steven Corporation uses the FIFO method in its process costing system.The following data were taken from the accounting records of a particular department for last month: The cost of units transferred out of the department during the month is:

(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -What are the equivalent units for conversion costs for the month in the first processing department?

Salmont Corporation uses the FIFO method in its process costing system.The company reported 30,800 equivalent units of production for materials last month.The company's beginning work in process inventory consisted of 8,000 units,75% complete with respect to materials.The ending work in process inventory consisted of 6,000 units,80% complete with respect to materials.The number of units started during the month was:

(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for materials for the month in the first processing department is closest to:

(Appendix 4A) Qu Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -How many units were started AND completed during the month in the first processing department?

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows: -The equivalent units for conversion for March,using the FIFO method,are:

Krumbly Corporation uses the FIFO method in its process costing system.At the beginning of the month,Department D's work in process inventory contained 2,000 units.These units were 100% complete with respect to materials and 40% complete with respect to conversion costs,with a total cost at that point of $13,600.During the month,conversion costs amounted to $8 per equivalent unit.If all 2,000 units are fully complete by the end of the month and transferred out of the department,the total cost of the 2,000 units transferred out will be closest to:

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow: -Using the weighted-average method,the equivalent units for conversion for March would be:

Overboard Corporation uses the FIFO method in its process costing system.In the Cutting Department in June,units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory.Other data for the department for June follow: The cost per equivalent unit for conversion cost is closest to:

(Appendix 4A) Sumptuous Beer Corporation manufactures beer in two departments, Fermenting and Bottling. In the Fermenting Department, ingredients are placed in a large vat and fermented for three days. The beer is then transferred over to Bottling where it is further purified and bottled. Sumptuous uses a FIFO process cost system to collect costs in both departments. On May 1, the Fermenting Department had 32,000 gallons (units) in process. These gallons were 100% complete with respect to materials (ingredients) and 80% complete with respect to conversion cost. During May, Fermenting started an additional 460,000 gallons into production. On May 31, Fermenting had 18,000 gallons in work in process. These gallons were 100% complete with respect to materials and 60% complete with respect to conversion cost. -What are the Fermenting Department's equivalent units (gallons)of production related to materials for May?

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows: -The equivalent units for materials for March,using the weighted-average method,are:

From the standpoint of cost control,the FIFO method of process costing is superior to the weighted-average method.

In February,one of the processing departments at Encinias Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $21,000.During the month,$316,000 of costs were added to production and the cost of units transferred out from the department was $322,000.The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of February.

Daosta Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a.Determine the equivalent units of production for materials and conversion costs. b.Determine the cost per equivalent unit for materials and conversion costs. c.Determine the cost of ending work in process inventory. d.Determine the cost of units transferred out of the department during the month.

(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -What are the equivalent units for conversion costs for the month in the first processing department?

Roger Corporation uses the FIFO method in its process costing system.The following data are taken from the accounting records of a particular department for June: The cost of the 75,000 units transferred out of the department during June is closest to:

Intask Corporation uses the FIFO method in its process costing system.Beginning inventory in the mixing department consisted of 6,000 units that were 75% complete with respect to conversion costs.Ending work in process inventory consisted of 5,000 units that were 60% complete with respect to conversion costs.If 12,000 units were transferred to the next processing department during the period,the equivalent units of production for conversion cost would be:

Merced Corporation has a process costing system and uses the FIFO method.For May,the company's beginning work in process inventory was 75% complete with respect to conversion,and the ending work in process inventory was 80% complete with respect to conversion.Information on units processed and conversion costs incurred during May follow: The amount of conversion cost in the ending work in process inventory was:

Sharp Corporation has a process costing system.The following data relate to the company's Mixing Department for a recent month: All materials are added at the beginning of the Mixing process. Required: a.Compute the equivalent units of production for materials and conversion using the weighted-average method. b.Compute the equivalent units of production for materials and conversion using the FIFO method.