Exam 19: Fifo Method

Glazener Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for June. Required: Determine the equivalent units of production for the Assembly Department for June using the FIFO method.

Clasby Corporation uses the FIFO method in its process costing.The following data concern the company's Assembly Department for the month of January. Required: Compute the costs per equivalent unit for the Assembly Department for January using the FIFO method.

Severn Company uses the FIFO method in its process costing system.The following data were taken from the accounting records of the company for last month: The cost of the units in the ending Work in Process inventory is:

The computation of equivalent units under the FIFO method:

Morvan Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

In November,one of the processing departments at Ijames Corporation had ending work in process inventory of $26,000.During the month,$426,000 of costs were added to production and the cost of units transferred out from the department was $436,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for November,the total cost to be accounted for would be:

Osborne Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -What are the equivalent units for conversion costs for the month in the first processing department?

Qdynamic Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -How many units were started AND completed during the month in the first processing department?

Morvan Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. -The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Osborne Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for materials for the month in the first processing department is closest to:

Wilson Company has a process costing system. The Assembly Department had the following costs for May: -Assume that Wilson uses the weighted-average method and that for May the company computed 20,000 equivalent units for labor and overhead.The cost per equivalent unit for labor and overhead for the month would have been:

Intask Company uses the FIFO method in its process costing system.Beginning inventory in the mixing department consisted of 6,000 units that were 75% complete with respect to conversion costs.Ending work in process inventory consisted of 5,000 units that were 60% complete with respect to conversion costs.If 12,000 units were transferred to the next processing department during the period,the equivalent units for conversion cost would be:

Ozogus Company uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below: What were the equivalent units for conversion costs in the Brazing Department for November?

Prasad Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The total cost transferred from the first processing department to the next processing department during the month is closest to:

Prasad Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -What are the equivalent units for materials for the month in the first processing department?

Prasad Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Qik Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $45,662 at the beginning of March.Additional conversion costs of $305,576 were incurred in the department during the month. The cost per equivalent unit for conversion costs for March is closest to:

In May, one of the processing departments at Lukman Corporation had beginning work in process inventory of $11,000. During the month, $120,000 of costs were added to production and the cost of units transferred out from the department was $94,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for May,the total cost to be accounted for would be:

The following data were taken from the accounting records of Abacus Company which uses the FIFO method in its process costing system: The equivalent units are:

Nilgiri Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to: