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Mississippi College Operations And Supply Chain Management Assignment Help - FIFO Costing Method


Question - The Bakery produces tea cakes. It uses a process costing system. In March, its beginning inventory
was 450 units, which were 100 percent complete for direct materials costs and 10 percent complete
for conversion costs. The cost of beginning inventory was $655. Units started and completed during
the month totaled 14,200. Ending inventory was 410 units, which were 100 percent complete for direct
materials costs and 70 percent complete for conversion costs. Costs per equivalent unit for March
were $1.40 for direct materials costs and $0.80 for conversion costs.

From this information, compute the cost of goods transferred to the Finished Goods Inventory
account, the cost remaining in the Work in Process Inventory account, and the total ...Read More

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