Easy Incorporated Uses the First-In, First-Out Method in Its Process

question 356

Essay

Easy Incorporated uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Required: Using the first-in, first-out method:
a. Determine the equivalent units of production for materials and conversion costs.b. Determine the cost per equivalent unit for materials and conversion costs. (Round your answers to 2 decimal places.)c. Determine the cost of ending work in process inventory. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)d. Determine the cost of units transferred out of the department during the month. (Round "Cost per equivalent unit" to 2 decimal places. Round your final answer to the nearest whole number.)

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Definitions:

Ionic Bonding

A chemical bond formed between two ions with opposite charges through the transfer of electrons.

Electrons

Negatively charged subatomic particles that orbit the nucleus of an atom, involved in chemical bonds and electricity.

Transferred

Moved or shifted from one place, person, or thing to another.

Proton

Positively charged particle in the nuclei of atoms.