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  • Class Solution FIFO

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    ahsan
    5 views3 pages
    The document appears to be calculating costs related to work in process inventory using accounting steps such as determining beginning and ending balances of work in process, calculating equivalent units completed and transferred out, assigning conversion costs based on completion percentages, and reconciling costs from beginning to ending periods. It uses accounting concepts like direct materials, conversion costs, and allocation of overhead to calculate total costs for the period.

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    Fifo

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    The document appears to be calculating costs related to work in process inventory using accounting steps such as determining beginning and ending balances of work in process, calculating equivalent units completed and transferred out, assigning conversion costs based on completion percentages, and reconciling costs from beginning to ending periods. It uses accounting concepts like direct materials, conversion costs, and allocation of overhead to calculate total costs for the period.

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    © All Rights Reserved
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    5 views3 pages

    Class Solution FIFO

    Uploaded by

    ahsan
    The document appears to be calculating costs related to work in process inventory using accounting steps such as determining beginning and ending balances of work in process, calculating equivalent units completed and transferred out, assigning conversion costs based on completion percentages, and reconciling costs from beginning to ending periods. It uses accounting concepts like direct materials, conversion costs, and allocation of overhead to calculate total costs for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    Class aestion Assiammen FIoM, thed

    Units begighing WorK inacess apuivalent


    Unts 2/000o00
    starte
    Unts for 3o0000 t2/000 o00
    Wo
    hiE qccount
    3o000000
    Fro
    Units tsanstec.red lo finiched qoods= 2500oo00
    Endi-
    Uni.Es Ending Mor K in pracess 5oo000o
    Units a.counted ior as allous

    Unitstansterrecd t Ending warK in Prscess Eoyuiva

    wiv 250090oD 5o 0o00o Step 2


    Cos
    3ooDoDO
    CoS-
    Deginning WorK in TocesS

    wwn ConYersion Cos 60 Completed LConverted.


    40 WarK
    www keauive.dadditiona
    Ending Wox K in cess-
    ConVersion Cost 30% completed/ Converte
    Cost
    Costs
    Beainning Wor in racess Inventor

    v Material 468 o00


    252.000 Step-
    wivw Conversion-
    720000o
    Total
    1ota
    the curent Petiod(200
    Petied(2o0
    evew Costs incurxed hidurin9

    Materig
    dui132090
    55o0oO
    ee Vireot
    Applied Tecto

    Total
    Labour
    overhend 34-98o0o
    Jlgoooo

    CanYet sion Cost_20o S5oo0o3498o0o


    50+8°o0 Co
    Total Cost =7200 op||18o00o
    R000p0
    Step ComputekarivalnTunils af PraductoA
    aguValenlAnLSCompleted
    aulalen
    om and ranstered
    oul
    WorKing beainning
    in Matial ConVersion Cost
    Psoce 3o00000x40/
    Piem
    Started his peri-ol 27ooo000
    E2 o oooo
    Endina Wark frocess
    2.7oooooo
    oodOoo Soeoooox 30
    touivalenT units 15oo0oo
    of Prosuton
    Step2 Coste Per 32000000 297ooo00
    Step2
    Cost
    CosT of
    unitEaruivalent
    beginhing wot in Rocess
    unit-matnia c
    Convevsion
    Convevsisn

    252o
    cst
    Cost
    otal
    Cost
    ncutred
    (osts
    incur
    dhtinpecioc.
    4-68o00
    613200o
    6600000D
    5
    53
    o48ooo
    ooooo
    fhis_periac
    Eay wivqlen uniis of
    6132000 o4ooo
    psocluclon 320000oo 297ooooo

    Costper eouivelent units_of oducton. 6132000


    b52oo0 504800o
    3205oooo 2-17oooo6

    Step 3:Assi9n and Keoncile.


    0.
    O.19125 0.1196633
    Cost beainningWorkin_ lecESS
    200
    Dire Mateial 468o00
    Conversion_ Cost 252000
    Cost
    Cos of beinlno
    Comp lete unis
    P /2oooo
    on BeaPng WIP O.14996633y 129o0oo
    203139.596
    Cost to tomdie units

    his pevtod. 7220.1915


    (o.16994/33, 0.915 9762965.91
    27
    o2oDD D

    Total o636125. 5)
    Costs of ending wor K in Process nVenoy
    iect Materta
    Sooeno) 958)25
    o.191625x
    ooo onYersion Cost
    o.1699b6 33x 1Soooo) 254149.495
    Cost ofending w otal invenfory 213074.495
    cs Tota CoStsacCounte for

    1213o74:4.45 l686425.5
    :1190o0eo

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