Elmo has the following information for the month of October, its first month of operationsWork in Process October 10Units completed and transferred out in October120, 000Work in Process, October 3032,000100% completed for materials 80% completed for conversion costs Costs added in OctoberMaterials$145, 900Direct labor$96,000Overheads$108,000Required:(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?

Solution 1: EIMO Computation of Equivalent unit of Production Particulars Physical Units…

Answered: Elmo has the following information for…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 3BE: The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory...

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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
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?

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