Galaxy Corporation Uses the FIFO Method in Its Process Costing

question 38

Essay

Galaxy Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for June.
$$\begin{array} { | l | c | } \hline \begin{array} { l } \text { Units in process, June 1: materials } 55 \% \text { complete, } \\\text { conversion } 15 \% \text { complete }\end{array} & 800 \\\hline \text { Units started into production during June } & 5,200 \\\hline \begin{array} { l } \text { Units completed and transterred to the next } \\\text { department }\end{array} & 4,300 \\\hline \begin{array} { l } \text { Units in process, June } 30 \text { : materials } 50 \% \\\text { complete, conversion } 40 \% \text { complete }\end{array} & 1,700 \\\hline\end{array}$$
Required:
Determine the equivalent units of production for the Assembly Department for June using the FIFO method.

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Definitions:

Price Discrimination

A method of pricing in which a provider charges different prices for virtually identical goods or services in different market areas.

Electric Heating

A system of converting electric energy into heat for warming indoor spaces, typically regarded as more efficient than traditional heating methods.

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Alternative heating sources that can replace the primary heating method, including electric heaters, solar heating, and geothermal heat pumps.

Price-Discriminating

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on various criteria.