Pattern Corporation uses the FIFO method in its process costing. The following data pertain to its Cutting Department for August. Percent Complete UnitsMaterialsConversionWork-in-process, August 1 500 50% 45%Units started into production during August 8,100 Units completed during August and transferred to the next department 7,200 Work-in-process, August 31 1,400 75% 30%Required:Compute the equivalent units of production for both materials and conversion costs for the Cutting Department for August using the FIFO method.
What will be an ideal response?
FIFO method:
| Materials | Conversion | ||||||
| Work-in-process, August 1: | |||||||
| 500 units × (100% ? 50%) | 250 | ||||||
| 500 units × (100% ? 45%) | 275 | ||||||
| Units started and completed in August (7,200 - 500) | 6,700 | 6,700 | |||||
| Work-in-process, August 31: | |||||||
| 1,400 units × 75% | 1,050 | ||||||
| 1,400 units × 30% | 420 | ||||||
| Equivalent units of production | 8,000 | 7,395 | |||||
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