At the beginning of the period, there were 1,000 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 8,000 units were started and completed. Ending inventory contained 500 units that were 20% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for materials and conversion costs, respectively, were:

At the beginning of the period, there were 1,000 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 8,000 units were started and completed. Ending inventory contained 500 units that were 20% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for materials and conversion costs, respectively, were:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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