How to calculate total cost of the 24,000 units in beginning work in process using the FIFO process costing method.
XYZ Company operates two departments, the assembly department and the finishing department. During June, the assembly department reported the following information:
units % complete DM % complete conversion
work in process, June 1 24,000 75% 40%
units completed during June 50,000
work in process, June 30 37,000 80% 20%
The cost of beginning work in process and the costs added during June were as follows:
DM Conversion Total cost
work in process, June 1 $ 43,360 $ 70,000 $113,360
costs incurred during June 529,760 234,220 763,980
total costs 573,120 304,220 877,340
Calculate the total cost of the 24,000 units in beginning work in process using the FIFO process costing method. Do not use decimals in your answer.