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EXERCISE 5 The following information is available for the ABC Co. for the month of January. All material added at the start of production. All spoilage is abnormal and is detected by the final inspect the end of the process. Beginning work in process (80% complete).. Started......... Ending work in process (55% complete)... Transferred out.. Beginning work-in-process costs: Materials........ Conversion....... Current costs: Materials... Conversion.. Assume that ABC Co. uses the FIFO method. 8,000 units 35,000 units 15,000 units 24,500 units $14,000 38,200 $ 50,750 173,130

EXERCISE 5 The following information is available for the ABC Co. for the month of January. All material added at the start of production. All spoilage is abnormal and is detected by the final inspect the end of the process. Beginning work in process (80% complete).. Started......... Ending work in process (55% complete)... Transferred out.. Beginning work-in-process costs: Materials........ Conversion....... Current costs: Materials... Conversion.. Assume that ABC Co. uses the FIFO method. 8,000 units 35,000 units 15,000 units 24,500 units $14,000 38,200 $ 50,750 173,130

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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EXERCISE 5 The following information is available for the ABC Co. for the month of January. All materials are added at the start of production. All spoilage is abnormal and is detected by the final inspection at the end of the process. Beginning work in process (80% complete)... Started.... Ending work in process (55% complete)... Transferred out.... Beginning work-in-process costs: Materials.. Conversion... Current costs: Materials... Conversion... Assume that ABC Co. uses the FIFO method. 8,000 units 35,000 units 15,000 units 24,500 units $14,000 38,200 $ 50,750 173,130 Required: 1. Calculate the equivalent units of production for materials and conversion costs.
Transcribed Image Text:EXERCISE 5 The following information is available for the ABC Co. for the month of January. All materials are added at the start of production. All spoilage is abnormal and is detected by the final inspection at the end of the process. Beginning work in process (80% complete)... Started.... Ending work in process (55% complete)... Transferred out.... Beginning work-in-process costs: Materials.. Conversion... Current costs: Materials... Conversion... Assume that ABC Co. uses the FIFO method. 8,000 units 35,000 units 15,000 units 24,500 units $14,000 38,200 $ 50,750 173,130 Required: 1. Calculate the equivalent units of production for materials and conversion costs.
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