Emerson,Inc Using the FIFO Method:
A

question 149

Essay

Emerson,Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department - Mixing - for a recent month.
Required:
$\begin{array}{l}\begin{array}{|l|r|}\hline \text { Work-in-process, beginning: }\\\hline \text { Units in process } & 500 \\\hline \text { Percent complete with respect to materials } & 70 \% \\\hline \text { Percent complete with respect to comversion } & 30 \% \\\hline \text { Costs in the beginning imventory: } & \\\hline \text { Materials cost } & \$ 2,240 \\\hline \text { Conversion cost } & \$ 4,365 \\\hline \text { Units started into production during the month } & 16,000 \\\hline \text { Units completed and transterred out } & 16,000 \\\hline \text { Costs added to production during the month: } & \\\hline \text { Materials cost } & \$ 98,580 \\\hline \text { Comversion cost } & \$ 468,930 \\\hline \text { Work-ir-process, ending: } & \\\hline \text { Units in process } & 500 \\\hline \text { Percent complete with respect to materials } & 50 \% \\\hline \text { Percent complete with respect to cormersion } & 20 \% \\\hline\end{array}\end{array}$
Using the FIFO 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.c.Determine the cost of ending work-in-process inventory.d.Determine the cost of units transferred out of the department during the month.

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