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Question
Assuming the FIFO inventory valuation method, use the following information to determine the cost of the goods completed during the current reporting period:
| Equivalent | Cost | Total | |||
| Units | per Unit | Cost | |||
| Beginning goods in process: | |||||
| Costs from prior month | $735 | ||||
| Materials costs added | 60 | $ 5.00 | |||
| Labor and overhead cost added | 20 | 12.00 | |||
| Started and completed goods: | |||||
| Materials costs added | 1,000 | 5.00 | |||
| Labor and overhead cost added | 1,000 | 12.00 |
Answer
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