In April, Smith Company had the following results: Production: Units in process, April 1, 60% complete Units completed and transferred out Units in process, April 31, 40% complete Costs: Work in process, April 1 Costs added during April Determine the equivalent units using the first-in, first-out costing method assuming costs are added uniformly. O a. 119,400 equivalent units b. 96,600 equivalent units O c. 103,000 equivalent units O d. 128,800 equivalent units 38,000 units 103,000 units 41,000 units $5,300 $43,000

In April, Smith Company had the following results: Production: Units in process, April 1, 60% complete Units completed and transferred out Units in process, April 31, 40% complete Costs: Work in process, April 1 Costs added during April Determine the equivalent units using the first-in, first-out costing method assuming costs are added uniformly. O a. 119,400 equivalent units b. 96,600 equivalent units O c. 103,000 equivalent units O d. 128,800 equivalent units 38,000 units 103,000 units 41,000 units $5,300 $43,000

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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Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: All materials are added at the beginning of the process. Beginning work in process had 80,500 units, 30 percent complete with respect to conversion costs. Ending work in process had 14,000 units, 40 percent complete with respect to conversion costs. Started in process, 91,000 units. Required: 1. Prepare a physical flow schedule. Middelton Company Physical Flow Schedule Units to account for: Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for 2. Compute equivalent units using the weighted average method. Weighted average method: Equivalent Units Direct Materials Conversion Costs 3.…
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Subject: Cost Accounting
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