Elmo has the following information for the month of October, its first month of operations Work in Process October 1 0 Units completed and transferred out in October 120, 000 Work in Process, October 30 32,000 100% completed for materials 80% completed for conversion costs Costs added in October Materials $145, 900 Direct labor $96,000 Overheads $108,000 Required: (1.) Determine the equivalent units of production for October. 2.) Determine the cost of the ending work-in-process. (3.) Determine the cost of goods completed. (4) What is meant by the term equivalent full units?
Elmo has the following information for the month of October, its first month of operations Work in Process October 1 0 Units completed and transferred out in October 120, 000 Work in Process, October 30 32,000 100% completed for materials 80% completed for conversion costs Costs added in October Materials $145, 900 Direct labor $96,000 Overheads $108,000 Required: (1.) Determine the equivalent units of production for October. 2.) Determine the cost of the ending work-in-process. (3.) Determine the cost of goods completed. (4) What is meant by the term equivalent full units?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Elmo has the following information for the month of October, its first month of operations
| Work in Process October 1 | 0 |
| Units completed and transferred out in October | 120, 000 |
| Work in Process, October 30 | 32,000 |
| 100% completed for materials | |
| 80% completed for conversion costs |
Costs added in October
| Materials | $145, 900 |
| Direct labor | $96,000 |
| $108,000 |
Required:
(1.) Determine the equivalent units of production for October.
| 2.) Determine the cost of the ending work-in-process. (3.) Determine the cost of goods completed. (4) What is meant by the term equivalent full units? |
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