Process costing using the FIFO method

Price: $15 USD

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.

Tutor Answer

(Top Tutor) Daniel C.
School: University of Virginia
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors