Production and Cost Data for the Month of February for Process

question 15

Essay

Production and cost data for the month of February for Process A of the Packer Manufacturing Company were as follows:
$$\begin{array} { | l | l | } \hline \text { Productim record: } & \\\hline \begin{array} { l } \text { Units in process, February l (100\% } \\\text { complete with respect to materials; 25\% } \\\text { complete with respect to conversion cost) }\end{array} & 2,000 \\\hline \text { New units started in process } & 8 , 0 0 0 \\\hline \text { Units completed } & 7,000 \\\hline \begin{array} { l } \text { Units in process, February } 28 ( 100 \% \\\text { complete with respect to materials; } 1 / 3\end{array} & 3,000 \\\text { complete with respect to conversion cost) } & \\\hline\end{array}$$
$$\begin{array} { | l | r | r | } \hline \text { Cast recard: } & & \\\hline \text { Wark in process } & & \\\text { inventory, February 1: } & \$ 600 & \\\hline \text { Materials } & 100 & 700 \\\hline \text { Conversion } & & \\\hline \text { Costs for February: } & & \\\hline \text { Materials issued } & &2,560 \\\hline \text { Conversion } & &1,500 \\\hline \begin{array} { l } \text { Total cost to be accounted } \\\text { for }\end{array} & &\$4,760 \\\hline\end{array}$$
The company uses the FIFO cost method in its process costing system.
Required:
a)Calculate the equivalent units and unit costs for February for materials and conversion costs.
b)Determine the cost transferred to finished goods.
c)Determine the amount of cost that should be assigned to the ending work-in-process and finished goods inventories.

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Definitions:

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