Assuming the FIFO Inventory Valuation Method,use the Following Information to Determine

question 44

Essay

Assuming the FIFO inventory valuation method,use the following information to determine the cost of the goods completed during the current reporting period:
$\begin{array}{lrrrr} &\text { Equivalent } & \text { Cost } & \text { Total } \\& \underline{\text { Units }} &\underline{ \text { per Unit}} &\underline{ \text { Cost }}\\ \text { Beginning goods in process: }\\\text { Costs from prior month } & & & \$ 735 \\\text { Materials costs added } &60 & \$ 5.00 &\\\text { Labor and overhead cost added } & 20 &12.00 & \\\text { Started and completed goods: }\\\text { Materials costs added } & 1,000 & 5.00 \\\text { Labor and overhead cost added } & 1,000 & 12.00 & \\\end{array}$

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Definitions:

Buyers

Entities or persons that buy products or services.

Sellers

Individuals or entities that offer goods or services for sale to consumers or other businesses in the market.

Expected

Refers to the anticipated outcome, value, or occurrence based on probability or prior evidence.

Increase

To become or cause to become greater in size, amount, number, or degree.