Exam 8: Fifo Method

The equivalent units of production will be the same under the weighted-average and the FIFO method if there is no ending work in process inventory.

Assuming that Tru-Color Paint Corporation uses the weighted-average method, the equivalent units for conversion costs would be:

In the department's cost reconciliation report for April, the costs added to production in the department would be:

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.

Qart Corporation uses the FIFO method in its process costing system. Operating data for the Cutting Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $1,656 at the beginning of March. Additional conversion costs of $129,960 were incurred in the department during the month. The cost per equivalent unit for conversion costs for March is closest to:

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

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.

Marten Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: According to the company's records, the conversion cost in beginning work in process inventory was $83,600 at the beginning of September. Additional conversion costs of $427,682 were incurred in the department during the month. The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places.)

Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the beginning work in process inventory.

The equivalent units for conversion costs for the Assembly Department during the month were:

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Garson Corporation uses the FIFO method in its process costing system. The Grinding Department started the month with 18,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. An additional 98,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department. During the month 115,000 units were completed in the Grinding Department and transferred to the next processing department. There were 1,000 units in the ending work in process inventory of the Grinding Department that were 20% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Grinding Department for the month?

How many units were started AND completed during the month in the first processing department?

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:

The following data have been provided by Felux Corporation for the Circuit Prep Department. The company uses the FIFO method in its process costing. Required: Determine the equivalent units of production for the Circuit Prep Department for August using the FIFO method.

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.

What are the equivalent units for materials for the month in the first processing department?

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:

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Karmen 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 for conversion costs in the Enameling Department for May?