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Itles have been recorded: • Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. • Units transferred out in July, 91,500 gallons. • Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs Cost per Equivalent. Unit

Itles have been recorded: • Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. • Units transferred out in July, 91,500 gallons. • Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs Cost per Equivalent. Unit

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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tles have been recorded: • Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. • Units transferred out in July, 91,500 gallons. • Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs Cost per Equivalent. Unit
Transcribed Image Text:tles have been recorded: • Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. • Units transferred out in July, 91,500 gallons. • Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs Cost per Equivalent. Unit
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total . $ 57,500 36,500 $ 94,000 $ 135,000 385,000 $ 520,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. • Units started in July, 81,500 gallons. Units transferred out in July, 91,500 gallons. Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method, A Dona
Transcribed Image Text:The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total . $ 57,500 36,500 $ 94,000 $ 135,000 385,000 $ 520,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. • Units started in July, 81,500 gallons. Units transferred out in July, 91,500 gallons. Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method, A Dona
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