Elmo has the following information for the month of October, its first month of operations Work in Progress October 0 Units completed and transferred in october 120,000 Work in process October 30     32,000 100% completed for matrials 80% completed for conversion costs Costs added in October Materials $145,900 Direct Labor $96,000 Overheads $108,000 Required a) Determine the equivalent units of production for October.  b) Determine the cost of the ending work-in-process.  c) Determine the cost of goods completed.  d) What is meant by the term equivalent full units?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Elmo has the following information for the month of October, its first month of operations

Work in Progress October 0

Units completed and transferred in october 120,000

Work in process October 30     32,000

100% completed for matrials

80% completed for conversion costs
Costs added in October

Materials $145,900

Direct Labor $96,000

Overheads $108,000
Required
a) Determine the equivalent units of production for October. 


b) Determine the cost of the ending work-in-process. 


c) Determine the cost of goods completed. 


d) What is meant by the term equivalent full units? 

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