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Cornerstones of Cost Accounting 1st Edition by Don Hansen,Maryanne Mowen
Edition 1ISBN: 978-0538736787Cornerstones of Cost Accounting 1st Edition by Don Hansen,Maryanne Mowen
Edition 1ISBN: 978-0538736787 Exercise 4
Cost Information and FIFO
Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December:
Required:
1. Calculate the unit cost for December, using the FIFO method.
2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for.
3. What if you were asked for the unit cost from the month of November? Calculate November's unit cost and explain why this might be of interest to management.
Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December:
Required:
1. Calculate the unit cost for December, using the FIFO method.
2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for.
3. What if you were asked for the unit cost from the month of November? Calculate November's unit cost and explain why this might be of interest to management.
Explanation
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Verified
Equivalent units:
Equivalent unit's als...
Cornerstones of Cost Accounting 1st Edition by Don Hansen,Maryanne Mowen
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