Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 65,000 units. Transferred out, 62,000 units. Ending inventory, 36,000 units (materials are 100 percent complete; conversion costs are 65 percent complete). Required: ● a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO. a. Materials b. Conversion costs Equivalent Units

Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 65,000 units. Transferred out, 62,000 units. Ending inventory, 36,000 units (materials are 100 percent complete; conversion costs are 65 percent complete). Required: ● a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO. a. Materials b. Conversion costs Equivalent Units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

100%

Kronk, Incorporated provides the following information concerning the work in process at its plant:
Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete).
Started this month, 65,000 units.
●
Transferred out, 62,000 units.
Ending inventory, 36,000 units (materials are 100 percent complete; conversion costs are 65 percent complete).
Required:
a. Compute the equivalent units for materials using FIFO.
b. Compute the equivalent units for conversion costs using FIFO.
a. Materials
b. Conversion costs
Equivalent
Units

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