Jones Corporation uses first-in, first-out (FIFO) process costing. Jones has the following unit information for the month of August Beginning work in process inventory, 100% complete for materials, 75% complete for conversion costs Units completed and transferred out Units 10,000 90,000 Ending work in process inventory, 100% complete for materials, 60% complete for conversion costs The equivalent units of production for conversion costs for the month of August were: a. 87,300 units. 8,000
Jones Corporation uses first-in, first-out (FIFO) process costing. Jones has the following unit information for the month of August Beginning work in process inventory, 100% complete for materials, 75% complete for conversion costs Units completed and transferred out Units 10,000 90,000 Ending work in process inventory, 100% complete for materials, 60% complete for conversion costs The equivalent units of production for conversion costs for the month of August were: a. 87,300 units. 8,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Jones Corporation uses first-in, first-out (FIFO) process costing. Jones has the following unit information for the month of August:
Beginning work in process inventory, 100% complete
for materials, 75% complete for conversion costs
Units completed and transferred out
a. 87,300 units.
b. 88,000 units
Units
c. 92,300 units.
d. 92,700 units.
10,000
Ending work in process inventory, 100% complete for
materials, 60% complete for conversion costs
The equivalent units of production for conversion costs for the month of August were:
90,000
8,000
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