Jones Corporation uses a first-in, first-out (FIFO) process costing system. Jones has the following unit information for the month of August:UnitsBeginning work-in-process inventory, 100%for materials, 75% complete for conversion costUnits completed and transferred outEnding work-in-process inventory, 100% completefor materials, 60% complete for conversion costs8,000The number of equivalent units of production for conversion costs for the month of August is:Select one:10,00090,000a. 88,000b. 92,700c. 87,300d. 92,300

Conversion costs are the costs incurred on the production of the goods. It include the direct labor…

Jones Corporation uses a first-in, first-out (FIFO) process costing system. Jones has the following unit information for the month of August: Units Beginning work-in-process inventory, 100% for materials, 75% complete for conversion cost 10,000 Units completed and transferred out 90,000 Ending work-in-process inventory, 100% complete for materials, 60% complete for conversion costs 8,000 The number of equivalent units of production for conversion costs for the month of August is: Select one: Ⓒa. 88,000 b. 92,700 c. 87,300 d. 92,300

Jones Corporation uses a first-in, first-out (FIFO) process costing system. Jones has the following unit information for the month of August: Units Beginning work-in-process inventory, 100% for materials, 75% complete for conversion cost 10,000 Units completed and transferred out 90,000 Ending work-in-process inventory, 100% complete for materials, 60% complete for conversion costs 8,000 The number of equivalent units of production for conversion costs for the month of August is: Select one: Ⓒa. 88,000 b. 92,700 c. 87,300 d. 92,300

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 2CMA: Jones Corporation uses a first-in, first-out (FIFO) process cost system. Jones has the following...

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Jones Corporation uses a first-in, first-out (FIFO) process cost system. Jones has the following unit information for the month of August: The equivalent units of production for conversion costs for the month of August were: a. 87,300 units. b. 88,000 units. c. 92,300 units. d. 92,700 units.
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