Question - Refer to the following information about the painting department in the Richardson factory for month of June. Richardson factory uses FIFO method of inventory costing
Beginning goods in process inventory
Physical units..............5000 units
% complete for material ....70%
% complete for labor and overhead....25%
material coast for may...$7,350
labor and over hean cost for may...$3,125
products started and cpmpleted:
physical units.........40,000units
ending goods in process inventory:
physical units............4,000
% complete for materials...40%
% complete for labor and overhead...10%
Manufacturing cost for June:
materials..........$96,975
Labor and overhead....$79,470
1A. How many equivalent units of materials wrer added to the beginning inventory to finish those units during June? How many equivalent units of labor and overhead were added to the beginning inventory to finish those units during June?
1B. How many equivalent units of materials were added to the inventory to get those units to their state of partial completion? How many equivalent units of labor and over head were added to the ending inventory to het those units to their state of partial completion?
1C. How many equivalent units of materials were added to all units processed during June? How many equivalent units of labor and overhead were added to all units processed during June?
1D. What was the materials coat per Equivalent unit produced during June? What was the labor and overhead costs per equivalent unit produced during June?
1E. What is the total cost of all units that were completed and transferred to finished goods during June? What is the total cost of the ending goods in process inventory?