Maccari Corporation uses the FIFO method in its process costing system.Operating data for the Casting Department for the month of September appear below: According to the company's records, the conversion cost in beginning work in process inventory was $61,824 at the beginning of September.Additional conversion costs of $206,412 were incurred in the department during the month. The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places.)

Question

Maccari Corporation uses the FIFO method in its process costing system.Operating data for the Casting Department for the month of September appear below:  According to the company's records, the conversion cost in beginning work in process inventory was $61,824 at the beginning of September.Additional conversion costs of $206,412 were incurred in the department during the month. The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places.)

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units started into production during the period - Units in ending work in process inventory = 61,000 - 10,000 = 51,000 11ea7998_5e72_9a5e_911b_e5cbbc428f47_TB2627_00_TB2627_00 11ea7998_5e72_c16f_911b_5117fcf567e1_TB2627_00_TB2627_00

Maccari Corporation Uses the FIFO Method in Its Process Costing