Problem - The ledger of Hasgrove Company has the following work in process account.
3/1Balance 3,680
3/31Materials 6,600
3/31Labor 2,400
3/31Overhead 1,150
Production records show that there were 800 units in the beginning inventory, 30% complete, 1,100 units started, and 1,500 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Hasgrove uses the FIFO method to compute equivalent units. Answer and solve these 4 questions
- What is the unit materials cost for March?
- What is the total cost of units started in February and completed in March?
- What is the total cost of units started and finished in March?
- What is the cost of the March 31 inventory?