Exam 20: Fifo Method

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below: All materials are added at the beginning of processing in the Assembly Department. -The equivalent units for material for the month,using the FIFO method,is:

Gaba Corporation uses the FIFO method in its process costing system.The Grinding Department started the month with 17,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs.An additional 60,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department.During the month 70,000 units were completed in the Grinding Department and transferred to the next processing department.There were 7,000 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Grinding Department for the month?

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

Carver Corporation uses the FIFO method in its process costing system.The Assembly Department started the month with 2,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs.An additional 66,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 9,000 units in the ending work in process inventory of the Assembly Department that were 50% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Assembly Department for the month?

(Appendix 4A) In February, one of the processing departments at Brandstetter Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $249,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for February,the costs added to production in the department would be:

Clarks Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for June. Required: Determine the equivalent units of production for the Assembly Department for June using the FIFO method.

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

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below: All materials are added at the beginning of processing in the Assembly Department. -The equivalent units for labor and overhead for the month,using the weighted-average method,is:

Easy 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. -The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

In October,one of the processing departments at Ingersoll Corporation had beginning work in process inventory of $16,000 and ending work in process inventory of $29,000.During the month,$191,000 of costs were added to production.The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of October.

Onyemah Corporation uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below: What were the equivalent units of production for conversion costs in the Brazing Department for November?

The following data pertain to the Milling Department of Malmberg Corporation for July.The company uses the FIFO method in its process costing. Required: Compute the equivalent units of production for both materials and conversion costs for the Milling Department for July using the FIFO method.

(Appendix 4A) Normand 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 materials for the month in the first processing department?

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below: All materials are added at the beginning of processing in the Assembly Department. -The equivalent units for materials for the month,using the weighted-average method,is:

(Appendix 4A) Owens Corporation uses a process costing system. For March, the beginning work in process inventory consisted of 60,000 units that were 60% complete with respect to processing. The ending work in process inventory for the month consisted of units that were 20% complete with respect to processing. A summary of unit and cost data for the month follows: -Assuming that Owens Corporation uses the FIFO method,which of the following is closest to the cost per equivalent unit for processing cost for March?

The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method:

Claus Corporation manufactures a single product and uses process costing.As of the beginning of January,the company successfully implemented lean production.As a result,no work in process inventories were on hand at the end of January,as indicated by the data below: Required: a.Assume the company uses the weighted-average method.Compute the equivalent units of production for January. b.Assume that the company uses the FIFO method.Compute the equivalent units of production for January. c.If the company starts 450,000 units into production during the following month (February)has no ending work in process inventory in that month,what would be the equivalent units of production under the weighted-average method? The FIFO method?

Kalyan Corporation uses the FIFO method in its process costing system.Operating data for the Enameling Department for the month of May appear below: What were the equivalent units of production for conversion costs in the Enameling Department for May?

Tabet Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $20,349 at the beginning of March.The cost per equivalent unit for conversion costs for March was $5.00. How much conversion cost would be assigned to the units completed and transferred out of the department during March?