FIFO Process Costing: Cost Conversions
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FIFO method is used to account for its work-in-process inventories.
Begin WIP inventory:
Direct materials $900
Conversion costs $200
Current period cost
Direct materials $12,000
Conversion costs $6,000
Quantity information:
Begin Inventory 500 Units (60% complete as to materials)
(53% complete as to conversion)
Current period units started 5000 Units
Ending Inventory 2,200 Units (40% complete as to materials)
(20% complete as to conversion)
Using FIFO method compute:
Cost of goods transferred out?
Cost of Ending inventory?
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Solution Summary
This solution shows how to use the fist in first out (FIFO) accounting method for the given inventory.
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