Polk Company uses FIFO method in its process costing system. The Finishing Department started the month with 800 units in process that were 30% complete, received 3200 units from the assembly department and transferred 3300 units to the finished good storage area. All the materials are added at the beginning of the process and conversion costs occur evenly. The units in process at the end of the month are 35% complete with respect to conversion costs. The department incurred the following costs:. TRansferred In : Beginning Work in process= $10560 , Added this month: $42240, TOTAL= $52800
Direct Materials: Beginning Work in Process: $1760, Added this month: $7040, TOTAL= $8800
Conversion Costs: Beginning Work in Process: $1450, Added this month: $7271, TOTAL= $8721
TOTALS: WIP TOTAL: (10560+1760+1450=13770) TotaL Added this month: (42240+7040+7271=56551) TOTALS Total= (52800+8800+8721=70321)
1. Hw many units are still in process at the end of the month?
2. Determine the formula, then enter the amounts to calculate units in process at the end of the month.
3. Compute the equivalent units of production for finishing Department for the current month, Generate a Production Cost report.
4. Determine the cost per equivalent unit for the current period for transferred in, direct materials, conversion costs. Generate within Production Cost report
5. Determine the cost to be transferred to finished goods inventory. Production Cost Report- Finishing Department (partial)