Refer to the following information about the Painting Department in the

Question

Refer to the following information about the Painting Department in the Richardson Factory for the month of June. Richardson Factory uses the FIFO method of inventory costing.

Beginning goods in process inventory:

Physical units... 5,000 ......................................... units

% complete for materials. 70%

% complete for labor and overhead. 25%

Materials cost from May.. $7,350

Labor and overhead cost from May. $3,125

Product started and completed:

Physical units 40,000 units

Ending goods in process inventory:

Physical units.... 4,000 units

% complete for materials. 40%

% complete for labor and overhead... . 10%

Manufacturing costs for June:

Materials $96,975

Labor and overhead... $79,470

Compute equivalent units for direct materials, direct labor and overhead for June.

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