Running head: PROCESS COSTING USING FIFO 1

Process Costing Using FIFO Method

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March 30, 2021

PROCESS COSTING USING FIFO 2

Process Costing Using FIFO Method

FIFO method:
Transferred to the next department:       Amount
From the beginning work in process inventory:  
  Cost in beginning work in process inventory............... $ 1,920
Cost to complete these
units:  
  Materials, 360 EUs at $9.50 per EU............................ $ 3,420
  Conversion, 140EUs at $20.40 per EU............................ $ 2,856
  Total cost from beginning inventory............................ $ 8,196
Units started and completed this month, 3,130 units at  
$29.90 per unit.............................................................. $ 93,587
  Total cost transferred to the next department............ $ 101,783
   
Work in process, October
31:  
Materials, 330 EUs at $9.50 per Equivalent
  units............................ $ 3,135
  Conversion, 264 EUs at $20.40 per EU....................... $ 5,386
  Total work in process, October 31............................. $ 8,521