Exam 5: Supplement: Process Costing Using the Fifo Method

Laurie Corporation uses the FIFO method in its process costing system.Department A is the first stage of Laurie Corporation's production process.The following information is available for conversion costs for the month of May for Department A: The equivalent units of production for conversion costs for the month are:

In the cost reconciliation report under the FIFO method,the costs to be accounted for equals the cost of ending work in process inventory plus the cost of units transferred out.

In April,one of the processing departments at Salatino Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $36,000.During the month,the cost of units transferred out from the department was $261,000.The company uses the FIFO method in its process costing system. In the department's cost reconciliation report for April,the costs added to production in the department would be:

The following data pertain to the Milling Department of Vario 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.

Salter Corporation uses the FIFO method in its process costing system.The company reported 25,000 equivalent units for materials last month.The company's beginning work in process inventory consisted of 6,000 units,40% complete with respect to materials.The ending work in process inventory consisted of 4,000 units,70% complete with respect to materials.The number of units started during the month was:

Index Corporation uses the FIFO method in its process costing system.The first processing department,the Forming Department,started the month with 17,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $9,010.An additional 76,000 units were started into production during the month and 83,000 units were completed and transferred to the next processing department.There were 10,000 units in the ending work in process inventory of the Forming Department that were 70% complete with respect to conversion costs.A total of $445,915 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

The equivalent units of production for a department using the FIFO process costing method is equal to the number of units completed plus the equivalent units in the ending inventory less the equivalent units in the beginning inventory.

Pushkin 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 conversion costs for the first department for the month is closest to:

Information about units processed and processing costs incurred during a recent month in the Refining Department of a manufacturing company follow: The beginning work in process inventory included $11,000 of conversion cost.During the month,the Department incurred an additional $290,000 in conversion costs. Assuming that the company uses the FIFO method,what are the equivalent units for conversion costs for the Blending Department for the month?

Higgins Labs Inc. ,uses a process costing system.The following data are available for one department for October: The department started 45,000 units into production during the month and completed and transferred 50,000 units to the next department. Assuming the weighted-average method is used,the equivalent units for conversion for October would be:

In October,one of the processing departments at Ridling Corporation had ending work in process inventory of $39,000.During the month,$252,000 of costs were added to production and the cost of units transferred out from the department was $235,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for October,the total cost to be accounted for would be:

Ozogoz 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?

Information about units processed and processing costs incurred during a recent month in the Refining Department of a manufacturing company follow: The beginning work in process inventory included $11,000 of conversion cost.During the month,the Department incurred an additional $290,000 in conversion costs. Assuming that the company uses the weighted-average cost method,what are the equivalent units for conversion costs for the Blending Department for the month?

The following data relate to the Blending Department of Tru-Color Paint Corporation for a recent month: All materials are added prior to the beginning of work in the Blending Department. Assuming that Tru-Color Paint Corporation uses the weighted-average method,the equivalent units for materials would be:

Farwest 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.

In February,one of the processing departments at Mateus Corporation had beginning work in process inventory of $20,000 and ending work in process inventory of $30,000.During the month,$206,000 of costs were added to production and the cost of units transferred out from the department was $196,000.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.

Oxyrom 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 for conversion costs in the Brazing Department for November?

Carson Corporation uses the FIFO method in its process costing system.The Assembly Department started the month with 6,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs.An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

The following data relate to the Blending Department of Tru-Color Paint Corporation for a recent month: All materials are added prior to the beginning of work in the Blending Department. Assuming that Tru-Color Paint Corporation uses the FIFO method,the equivalent units for materials would be:

Toefield 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.