Acc315 Cost Accounting: 17-32 Do Problem 17-31 using the FIFO method of process costing

Acc315 Cost Accounting
Week 2
17-32 FIFO method
Do Problem 17-31 using the FIFO method of process costing. Explain any difference between the cost per equivalent unit in the assembly department under the weighted-average method and the FIFO method.
Physical Units Direct Materials Conversion Costs
Work in process, October 1(a) 5,000 1,250,000 402,750
Started during October 2009 20,000
Completed during october 2009 22,500
Work in process october 31(b) 2,500
total costs added during october 2009 4,500,000 2,337,500

a) Degree of completion: direct materials,?%; conversion costs, 60%.
b) Degree of completion: direct materials,?%; conversion costs, 70%.
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