Business, 10.06.2020 02:57 NJSX54661

Process Costing using First-in-First Out (FIFO) Crone Corporation uses the FIFO method in its processing costing system. The following data concern the company's Assembly Department for the month of October. Cost in beginning work in process inventory $1,920
Units started and completed this month 3,130

Materials Conversion:

Cost per equivalent unit $9.50 $20.40
Equivalent units required to complete the units in
beginning work in process inventory 360 140
Equivalent units in ending work in process inventory 330 264

Required:
a. Determine the cost of ending work in process inventory
b. Determine the cost of units transferred out of the department during October.

Answers: 3

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Process Costing using First-in-First Out (FIFO) Crone Corporation uses the FIFO method in its proces...