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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

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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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
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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