eBook Show Me HowQuestion Content AreaEquivalent Units of Conversion CostsThe Rolling Department of Kraus Steel Company had 7,943 tons in beginning work in process inventory (20% complete) on October 1. During October, 61,100 tons were completed. The ending work in process inventory on October 31 was 5,499 tons (20% complete).What are the total equivalent units for conversion costs? Round to the nearest whole unit.fill in the blank 1 units

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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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Equivalent Units of Conversion Costs

The Rolling Department of Kraus Steel Company had 7,943 tons in beginning work in process inventory (20% complete) on October 1. During October, 61,100 tons were completed. The ending work in process inventory on October 31 was 5,499 tons (20% complete).

What are the total equivalent units for conversion costs? Round to the nearest whole unit.
fill in the blank 1 units

Expert Solution

Step 1

Beginning WIP is 20% complete, so 80% is completed during current period.

Ending WIP is also 20% complete, which means only 20% work done on the ending WIP during the current period.

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