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Cornerstones of Cost Management 2nd Edition by Don Hansen ,Maryanne Mowen
Edition 2ISBN: 978-1111824402Cornerstones of Cost Management 2nd Edition by Don Hansen ,Maryanne Mowen
Edition 2ISBN: 978-1111824402 Exercise 5
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared:
The cost per equivalent unit for the period was as follows:
The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000.
Required:
1. Determine the cost of ending work in process and the cost of goods transferred out.
2. Prepare a physical flow schedule.
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared:
The cost per equivalent unit for the period was as follows:
The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000.
Required:
1. Determine the cost of ending work in process and the cost of goods transferred out.
2. Prepare a physical flow schedule.
Explanation
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Cornerstones of Cost Management 2nd Edition by Don Hansen ,Maryanne Mowen
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