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Questions and Answers
The FIFO method is used by Daosta Inc. in its __________ costing system.
process
The work in process, beginning had 300 units with a percent complete of 40% with respect to __________.
materials
The costs in the beginning inventory included materials cost of $605 and conversion cost of $__________.
2,153
During the month, 15,000 units were started into __________.
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The ending work in process inventory had 700 units with a percent complete of 50% with respect to __________.
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The cost of units transferred out of the department during the month needs to be __________.
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Study Notes
Daosta Inc.'s Process Costing System
- Daosta Inc. uses the First-In-First-Out (FIFO) method in its process costing system.
Beginning Work in Process
- 300 units in process at the beginning of the month.
- Percentage complete with respect to materials: 40%.
- Percentage complete with respect to conversion: 20%.
- Costs in the beginning inventory:
- Materials cost: $605.
- Conversion cost: $2,153.
Production Activities During the Month
- 15,000 units started into production.
- 14,600 units completed and transferred out.
- Costs added to production during the month:
- Materials cost: $43,007.
- Conversion cost: $403,519.
Ending Work in Process
- 700 units in process at the end of the month.
- Percentage complete with respect to materials: 50%.
- Percentage complete with respect to conversion: 50%.
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Description
Test your knowledge on process costing using the FIFO method with this quiz. The quiz covers topics such as work in process, costs, units started and completed, and more.
