Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses process costing, appear below:
| Materials |
Conversion |
| Cost of work in process inventory at the beginning of the period |
$ |
3,400 |
$ |
590 |
| Equivalent units of production in the ending work in process inventory |
|
400 |
|
240 |
Equivalent units of production required to complete the beginning work
in process inventory |
|
500 |
|
1,150 |
| Cost per equivalent unit for the period |
$ |
2.50 |
$ |
.70 |
A total of 26,200 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 1,900 units and`ending work in process inventory consisted of 1,000 units.
Required:
Using the FIFO method, compute the cost of the units transferred to the next department during the period and the cost of ending work in process inventory.