Reference no: EM131153112
Jones Company manufactures a single product and uses process costing (FIFO method). The company's product goes through two processing departments, etching and wiring. The following activity was recorded in the etching department during July:
Production data:
Units in process, July (materials 60% complete; conversion 30% complete 50,000
Units started into production 500,000
Units in process, July (materials 80% complete; conversion 40% complete) 60,000
Cost data:
Work in process inventory, July 1
Materials cost $17,000
Conversion cost $3000
Cost added during July
Materials cost $457,200
Conversion cost $349,300
Materials are added at several stages during etching process. The company uses FIFO method
1) Compute the equivalent units of production
2) Compute the costs per equivalent unit for July
3) Determine the cost of ending work in process inventory and of the units transferred to the Wiring department
4) Prepare a cost reconciliation between the costs determined in 3) above and the cost of the beginning inventory and cost added during the period
Please show all work
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