Cancun Company uses a FIFO process costing system.
The following costs relate to work in process during November:
At the end of the last period, all direct materials had been added, and the units were 40% complete for conversion costs.
At the end of this period, all direct materials for the 1,000 units had been added, and 70% of conversion costs had been incurred.
Prepare a process report for November, and identify the amount to be transferred.

Question

Cancun Company uses a FIFO process costing system.
  The following costs relate to work in process during November:
  At the end of the last period, all direct materials had been added, and the units were 40% complete for conversion costs.
At the end of this period, all direct materials for the 1,000 units had been added, and 70% of conversion costs had been incurred.
Prepare a process report for November, and identify the amount to be transferred.

Quizplus · Accepted Answer

The Answer of Cancun Company uses a FIFO process costing system.
  The following costs relate to work in process during November:
  At the end of the last period, all direct materials had been added, and the units were 40% complete for conversion costs.
At the end of this period, all direct materials for the 1,000 units had been added, and 70% of conversion costs had been incurred.
Prepare a process report for November, and identify the amount to be transferred.

Cancun Company Uses a FIFO Process Costing System