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Equivalent units using FIFO

A)Schiller Company has unit costs of $5 for materials and $15 for conversion costs. There are 4,200 units in ending work in process which are 25% complete as to conversion costs, and fully complete as to materials cost. How much is the total cost assignable to the ending work in process inventory if the FIFO method is used?

b)Solis Company uses the FIFO method to calculate equivalent units. It has 2,000 units in beginning work in process, 20% complete as to conversion costs and 50% complete as to materials costs, 25,000 units started, and 3,000 units in ending work in process, 30% complete as to conversion costs, and 80% complete as to materials cost. How much are the equivalent units for materials under the FIFO method?

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a)Schiller Company has unit costs of $5 for materials and $15 for conversion costs. There are 4,200 units in ending work in process which are 25% complete as to conversion costs, and fully complete as to materials cost. How much is the total cost assignable to the ending work in process inventory if the FIFO method is used?

We first find the equivalent units in WIP
Equivalent Units Material ...

Solution Summary

The solution explains the calculation of equivalent units under FIFO method

$2.19