Tabet Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $20,349 at the beginning of March.The cost per equivalent unit for conversion costs for March was $5.00. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

Question

Tabet Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below:  According to the company's records, the conversion cost in beginning work in process inventory was $20,349 at the beginning of March.The cost per equivalent unit for conversion costs for March was $5.00. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

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 = 57,000 - 4,000 = 53,000 11ea7998_5e75_f4d7_911b_8f4f13dca824_TB2627_00_TB2627_00 11ea7998_5e76_1be8_911b_17702adb5ec7_TB2627_00_TB2627_00

Tabet Corporation Uses the FIFO Method in Its Process Costing