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Process Costing Using The FIFO Method Data

The document summarizes the use of process costing using the FIFO and weighted average methods. It provides data on beginning work in process, units started and completed, and ending work in process for June. It then calculates equivalent units and cost per equivalent unit under each method. Finally, it allocates ending work in process and transferred out costs based on the calculations.

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soestman
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457 views14 pages

Process Costing Using The FIFO Method Data

The document summarizes the use of process costing using the FIFO and weighted average methods. It provides data on beginning work in process, units started and completed, and ending work in process for June. It then calculates equivalent units and cost per equivalent unit under each method. Finally, it allocates ending work in process and transferred out costs based on the calculations.

Uploaded by

soestman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Process Costing Using the

FIFO Method Data


Percent Completed
Units Materials Conversion
Work in process, June 1 300 40% 20%

Units started into production in June 6,000

Units completed and transferred out 5,400


of Department A during June

Work in process, June 30 900 60% 30%

1|Page
1.0 Physical Units
Beginning Wip 300 Completed 5400
Started 6000 Ending Wip 900
6300 6300
(5400 = 300 from Beginning + 5100 started this period and completed).

2.0 Equivalent Units FIFO – only current period work completed

Materials Conversion
To complete beginning Work in Process:
Materials: 300 units × (100% - 40%) 180
Conversion: 300 units × (100% - 20%) 240
Units started and completed during June 5,100 5,100
Ending Work in Process
Materials: 900 units × 60% complete 540
Conversion: 900 units × 30% complete 270
Equivalent units of production 5,820 5,610

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3.0 COST PER EQUIVALENT UNIT

5|Page
4.0 COST ALLOCATION ENDING WIP AND TRANSFERRED OUT

ENDING WIP $14,911


TRANSFERRED OUT 194,880

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PROCESS COST USING WEIGHTED AVERAGE

Percent Completed
Units Materials Conversion
Work in process, June 1 300 40% 20%

Units started into production in June 6,000

Units completed and transferred out 5,400


of Department A during June

Work in process, June 30 900 60% 30%

10 | P a g e
1.0 Physical Units
Beginning Wip 300 Completed 5400
Started 6000 Ending Wip 900
6300 6300

2.0 EQUIVALENT UNITS WEIGHTED AVERAGE

11 | P a g e
12 | P a g e
13 | P a g e
14 | P a g e

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