Department zs cost per equivalent unit of production for materials using the FIFO method would be

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Recommended textbooks for you

  • FINANCIAL ACCOUNTING

    ISBN:9781259964947

    Author:Libby

    Publisher:MCG

    Accounting

    ISBN:9781337272094

    Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

    Publisher:Cengage Learning,

    Accounting Information Systems

    ISBN:9781337619202

    Author:Hall, James A.

    Publisher:Cengage Learning,

  • Horngren's Cost Accounting: A Managerial Emphasis...

    ISBN:9780134475585

    Author:Srikant M. Datar, Madhav V. Rajan

    Publisher:PEARSON

    Intermediate Accounting

    ISBN:9781259722660

    Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas

    Publisher:McGraw-Hill Education

    Financial and Managerial Accounting

    ISBN:9781259726705

    Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

    Publisher:McGraw-Hill Education

  • FINANCIAL ACCOUNTING

    ISBN:9781259964947

    Author:Libby

    Publisher:MCG

    Accounting

    ISBN:9781337272094

    Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

    Publisher:Cengage Learning,

    Accounting Information Systems

    ISBN:9781337619202

    Author:Hall, James A.

    Publisher:Cengage Learning,

    Horngren's Cost Accounting: A Managerial Emphasis...

    ISBN:9780134475585

    Author:Srikant M. Datar, Madhav V. Rajan

    Publisher:PEARSON

    Intermediate Accounting

    ISBN:9781259722660

    Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas

    Publisher:McGraw-Hill Education

    Financial and Managerial Accounting

    ISBN:9781259726705

    Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

    Publisher:McGraw-Hill Education

    c.units started and completed.d.conversion costs.75.Information concerning Department A of Ali Company for the month of June is as follows:MaterialsUnitsCostsWork in process, beginning of month20,000$14,250Started in June85,000$66,600Units completed90,000Work in process, end of month15,000All materials are added at the beginning of the process. Using the first-in, first-out method, theequivalent units for materials would be:

    Get answer to your question and much more

    76.Information concerning Department A of Ali Company for the month of June is as follows:MaterialsUnitsCostsWork in process, beginning of month20,000$14,250Started in June85,000$66,600Units completed90,000Work in process, end of month15,000All materials are added at the beginning of the process. Using the first-in, first-out method, the cost[rounded to two places] per equivalent unit for materials is:

    Get answer to your question and much more

    77.Which of the following methods considers the percentage of completion of beginning work-in-process?

    Get answer to your question and much more

    PROBLEM1.Montgomery Corporation produces boxes of cookies that go through three departments: Mixing,Cooking and Packaging.During April, Montgomery produced 250,000 boxes of cookies with thefollowing costs:

    What are the equivalent units for material using the FIFO method?

    Equivalent units under FIFO method of process costing are the number of finished units that could have been prepared in a process during a period had there been no unfinished units, either in opening WIP or closing WIP.

    How do you calculate FIFO cost per unit?

    To calculate FIFO [First-In, First Out] determine the cost of your oldest inventory and multiply that cost by the amount of inventory sold, whereas to calculate LIFO [Last-in, First-Out] determine the cost of your most recent inventory and multiply it by the amount of inventory sold.

    When FIFO method is used in process costing the opening stock cost are?

    Under the FIFO method of process costing, costs are transferred to next department and ultimately to finished goods in the order in which they entered the current department i.e. costs entering first are transferred first and hence the name FIFO–first-in-first-out.

    How do you calculate the cost per equivalent unit of material?

    To simply calculate equivalent units, you can multiply the number of physical items by the percentage of the work done on them. For two items that are 50% done, you would have one equivalent unit [2 x 50% = 1]. When the items are completely finished, the number of equivalent units is equal to the physical items.

    Chủ Đề