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Exercise 8-21 (Static) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: . Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 77,000 units. • Units transferred out in December, • 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units

Exercise 8-21 (Static) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: . Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 77,000 units. • Units transferred out in December, • 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units

FINANCIAL ACCOUNTING
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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Exercise 8-21 (Static) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: . Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 77,000 units. • Units transferred out in December, • 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units
Transcribed Image Text:Exercise 8-21 (Static) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: . Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 77,000 units. • Units transferred out in December, • 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units
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