Koole Products Inc.uses the first-in,first-out (FIFO)method of process costing.The following information was available for the current year:
$\begin{array}{lcc}
& \text {Number } & \text {Production } \
&\underline{ \text {of units } } &\underline{\text { costs }}\
\text { Beginning work-in-process ( $ 80 \% $ complete) } &1000&\$6400\
\text { Units started this period (current period production work) } &70000&548000\
\text { Ending work-in-process ( $ 60 \% $ complete) } &4000\
\end{array}$

Required:
A. How many total equivalent units were completed during the year?
B. What was the cost per equivalent unit?
C. What is the cost allocated to the ending wark-in-pracess units?
D. What is cost of goods manufactured for the year?

Question

Koole Products Inc.uses the first-in,first-out (FIFO)method of process costing.The following information was available for the current year:
$\begin{array}{lcc}
& \text {Number } & \text {Production   } \
&\underline{ \text {of units  } } &\underline{\text { costs }}\
  \text { Beginning work-in-process ( $ 80 \% $ complete) } &1000&\$6400\
 \text { Units started this period (current period production work) } &70000&548000\
 \text {  Ending work-in-process ( $ 60 \% $ complete) } &4000\
\end{array}$
 
Required:
A. How many total equivalent units were completed during the year?
B. What was the cost per equivalent unit?
C. What is the cost allocated to the ending wark-in-pracess units?
D. What is cost of goods manufactured for the year?

Quizplus · Accepted Answer

The Answer of Koole Products Inc.uses the first-in,first-out (FIFO)method of process costing.The following information was available for the current year:
$\begin{array}{lcc}
& \text {Number } & \text {Production   } \
&\underline{ \text {of units  } } &\underline{\text { costs }}\
  \text { Beginning work-in-process ( $ 80 \% $ complete) } &1000&\$6400\
 \text { Units started this period (current period production work) } &70000&548000\
 \text {  Ending work-in-process ( $ 60 \% $ complete) } &4000\
\end{array}$
 
Required:
A. How many total equivalent units were completed during the year?
B. What was the cost per equivalent unit?
C. What is the cost allocated to the ending wark-in-pracess units?
D. What is cost of goods manufactured for the year?

Koole Products Inc Required: A

Koole Products Inc Required:
A