Pix company has the following production data for march: no beginning work in process, units started and completed 31,000, and ending work in process 4,100 units that are 100% complete for materials and 40% complete for conversion costs. pix uses the fifo method to compute equivalent units. if unit materials cost is $4 and unit conversion cost is $13. the total costs to be assigned are $564,720, prepare the cost section of the production cost report for pix company using the fifo approach.

unit beggining WIP                         0

Units started and completed 31,000

Ending inventory                       4,100

Total physical units                 35,100

Equivalent units (materials)

Units started and completed 31,000

WIP materials (4,100 x 100%)    4,100

Total units accounted for        35,100

Equivalent units (conversion)

Units started and completed 31,000

WIP materials (4,100 x 40%)     1,640

Total units accounted for        32.640‬

Cost Incurred during March:

35, 100 x 4  =     140,400

32,640 x 13 =  1,044,480

Total cost        1, 184,880

Cost assigned to units transferred out

31,000 x (4 + 13) = 527,000‬

Cost of WIP

4,100 x  4 = 16.400‬

1,640 x 13 = 21,320‬

Total            37,720‬

Explanation:

We need to do the count of physical units

we need to calcualte the equivalent units:

transferred + ending x completion percentage

then the cost incurred

and allocate cost to finished goods and the ending WIP based on the equivalent units of materials and conversion

do u ahve any choices

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