The following data are given on the production of Perez Mfg for July:Total Equivalent Production28,500Placed in Process, Finished, and Transferred20,000Finished and on hand6,000 unitsIn process, end8,000 units 1/8 doneIn process beginning? 1/4 donePlaced in Process?The FIFO costing method was used. How many units were there in the beginning inventory of work in process?

Organizations utilize the FIFO technique, which is broadly perceived by sound accounting standards…

Answered: he following data are given on the…

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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The following data are given on the production of Perez Mfg for July:

Total Equivalent Production	28,500
Placed in Process, Finished, and Transferred	20,000
Finished and on hand	6,000 units
In process, end	8,000 units 1/8 done
In process beginning	? 1/4 done
Placed in Process	?

The FIFO costing method was used. How many units were there in the beginning inventory of work in process?

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