Answer and Explanation:
According to the scenario, computation of the given data are as follow:-
Equivalent Units of Production-FIFO Method
Particular units Material (%) Conversion (%) Material EUP Conversion EUP
Completed periods of beginning units 60,000 0.40 0.60 24,000 36,000
Started and completed units 240,000 100 100 240,000 240,000
Ending work in process units 82,000 0.80 0.30 65,600 24,600
Equivalent units of production 382,000 329,600 300,600
Particular Material cost Conversion cost
Total cost incurred $850,368 $649,296
Equivalent units of production 329,600 300,600
Cost per unit of production $2.58 $2.16
($850,368 ÷ 329,600) ($649,296 ÷ 300,600)
Total Costs for Accounts
Particular Amount ($)
Beginning period-conversion cost 48,594
Beginning period-Direct material cost 118,472
Current period-conversion cost 649,296
Current period-Direct material cost 850,368
Total costs for accounts 1,666,730
Assignment and Reconciliation Cost
Particular Per EUP cost ($) × Equivalent unit of production Total cost ($) Total amount ($)
Opening Inventory 167,066
To complete conversion 2.16 × 36,000 77,760
To complete materials 2.58 × 24,000 61,920
Complete units total cost +139,680
Total cost of 60,000 unit in opening inventory 306,746
Direct material cost 2.58 × 240,000 619,200
Conversion cost 2.16 × 240,000 518,400
Started and completed 240,000 units total cost +1,137,600
Transferred out Total cost of 300,000 units 1,444,346
Direct material cost 2.58 × 65,600 169,248
Conversion cost 2.16 × 24,600 53,136
In closing inventory Total cost of 82,000 units +222,384
Total assigned cost 16,66,730
