Podcast Beta
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 __________.
Signup and view all the answers
The ending work in process inventory had 700 units with a percent complete of 50% with respect to __________.
Signup and view all the answers
The cost of units transferred out of the department during the month needs to be __________.
Signup and view all the answers
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%.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.