Ivanov Co. had 1,000 units in beginning WIP inventory on September 1, which were 30% complete with respect to conversion. During September, direct materials were added at the start of the production process and conversion costs were incurred uniformly throughout the production process. 8,000 units were completed during September, and the 1,000 units in ending WIP inventory were 50% complete with respect to conversion. Assuming that Ivanov Co. uses the FIFO process costing method, what is the total number of equivalent units with respect to conversion costs?
Ivanov Co. had 1,000 units in beginning WIP inventory on September 1, which were 30% complete with respect to conversion. During September, direct materials were added at the start of the production process and conversion costs were incurred uniformly throughout the production process. 8,000 units were completed during September, and the 1,000 units in ending WIP inventory were 50% complete with respect to conversion. Assuming that Ivanov Co. uses the FIFO process costing method, what is the total number of equivalent units with respect to conversion costs?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Ivanov Co. had 1,000 units in
beginning WIP inventory on
September 1, which were 30%
complete with respect to conversion.
During September, direct materials
were added at the start of the
production process and conversion
costs were incurred uniformly
throughout the production process.
8,000 units were completed during
September, and the 1,000 units in
ending WIP inventory were 50%
complete with respect to conversion.
Assuming that Ivanov Co. uses the
FIFO process costing method, what is
the total number of equivalent units
with respect to conversion costs?
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