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A company had 2,000 units of work-in- process beginning inventory that was 50% complete for both materials and conversion. During the period 30,000 units were started and 27,000 were completed. The ending work-in-process units are 100% complete for

A company had 2,000 units of work-in- process beginning inventory that was 50% complete for both materials and conversion. During the period 30,000 units were started and 27,000 were completed. The ending work-in-process units are 100% complete for

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A company had 2,000 units of work-in- process beginning inventory that was 50% complete for both materials and conversion. During the period 30,000 units were started and 27,000 were completed. The ending work-in-process units are 100% complete for materials and 40% complete for conversion. Costs in beginning work-in-process were $100,000 for direct materials and $200,000 for conversion. Current costs added equal $500,000 for materials and $670,000 for conversion. The cost per equivalent unit for conversion
Transcribed Image Text:A company had 2,000 units of work-in- process beginning inventory that was 50% complete for both materials and conversion. During the period 30,000 units were started and 27,000 were completed. The ending work-in-process units are 100% complete for materials and 40% complete for conversion. Costs in beginning work-in-process were $100,000 for direct materials and $200,000 for conversion. Current costs added equal $500,000 for materials and $670,000 for conversion. The cost per equivalent unit for conversion
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