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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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