Process costing using the FIFO method

timer Asked: Sep 30th, 2015

Question description

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: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during October using the FIFO method.

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