Process Cost report: FIFO Costing Method

E10A. Toy Truck Corporation produces children’s toy trucks using a continuous produc- tion process. All direct materials are added at the beginning of the process. In Novem- ber, the beginning work in process inventory was 420 units, which were 50 percent complete; the ending balance was 400 units, which were 70 percent complete.

During November, 15,000 units were started into production. The Work in Process Inventory account had a beginning balance of $937 for direct materials costs and $370 for conversion costs. In the course of the month, $35,300 of direct materials were added to the process, and $31,689 of conversion costs were assigned. Using the FIFO costing method, prepare a process cost report that computes the equivalent units for November, the product unit cost for the toys, and the ending balance in the Work in Process Inven- tory account. (Round cost per equivalent unit to the nearest cent.)