3. Bisson Furniture uses a process cost system to account for its chair factory. Beginning inventory consisted of 5,000 units (100% complete as to material, 55% complete as to labor) with a cost of $124,800 materials and $104,500 conversion. 58,000 units were started into production during the month with material costs of $1,537,000 and $2,124,375 of conversion costs. The ending inventory of 6,000 chairs was 100% complete as to materials and 40% complete as to labor. Bisson uses first-in, first-out (FIFO) costing.;Required: (HINT: use 4 decimal places in your calculations) (25 Points);a. Compute the equivalent units of production for each input.;b. Compute the cost per unit.;c. Compute the cost transferred out to finished goods.;d. Compute the ending work-in-process inventory balance.
Paper#24227 | Written in 18-Jul-2015Price : $22