Equivalent Units Calculations-FIFO Method Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion cost are added evenly throughout each process. Ferris uses the FIFO method of process costing. In the Compounding Department, beginning work in process was 20,000 pounds (80% processed), 185,000 pounds were started in process, 180,000 pounds transferred out, and ending work in process was 50% processed. Calculate equivalent units for the Compounding Department for March. Complete/Transferred Beginning inventory Started & completed Ending inventory Total Check Ferris Corporation Flow of Units and Equivalent Units Calculation, March 0x 0 x 0x 0x % in March 0% ✓ 100% ✓ 100% ✓ Equivalent Units % in March Direct Materials 0✔ 0 x 0 x 0x % x 100% ✓ 50% ✔ Conversion Costs 0x 0x 0x 0x

Equivalent Units Calculations-FIFO Method Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion cost are added evenly throughout each process. Ferris uses the FIFO method of process costing. In the Compounding Department, beginning work in process was 20,000 pounds (80% processed), 185,000 pounds were started in process, 180,000 pounds transferred out, and ending work in process was 50% processed. Calculate equivalent units for the Compounding Department for March. Complete/Transferred Beginning inventory Started & completed Ending inventory Total Check Ferris Corporation Flow of Units and Equivalent Units Calculation, March 0x 0 x 0x 0x % in March 0% ✓ 100% ✓ 100% ✓ Equivalent Units % in March Direct Materials 0✔ 0 x 0 x 0x % x 100% ✓ 50% ✔ Conversion Costs 0x 0x 0x 0x

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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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