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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 3
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment
Refer to the data in Problem 6.31. Assume that the FIFO method is used.
Required:
1. Prepare a physical flow schedule.
2. Calculate equivalent units of production for direct materials and conversion costs.
3. Compute unit cost. Round to three decimal places.
4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Refer to the data in Problem 6.31. Assume that the FIFO method is used.
Required:
1. Prepare a physical flow schedule.
2. Calculate equivalent units of production for direct materials and conversion costs.
3. Compute unit cost. Round to three decimal places.
4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Explanation
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Equivalent units:
Equivalent unit's als...
Cornerstones of Cost Management 2nd Edition by Don Hansen ,Maryanne Mowen
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