Reference no: EM132560477
Balk Township uses a process cost system to compute water purification costs. All materials (chemicals) are added at the beginning of the purification process. Data for the month of May are given as follows (units are kiloliters of water):
Units
Work in process, May 1........................... 11,000
Units started in process............................ 120,000
Costs
Work in process, May 1:
Materials........................................ $ 15,000
Labor and overhead........................... 82,500
May's costs:
Materials........................................ $360,000
Labor and overhead........................... 632,000
The beginning work in process was 30 percent complete for labor and overhead. During the month, 115,000 units were completed; and 16,000 units that were 20 percent complete as to labor and overhead were in process at May 31.
Question 1: Using FIFO, compute the cost of the completed units
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