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Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 74,500 units. Transferred out, 71,500 units. Ending inventory, 35,750 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: Compute the equivalent units for materials using FIFO. Compute the equivalent units for conversion costs using FIFO.

Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 74,500 units. Transferred out, 71,500 units. Ending inventory, 35,750 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: Compute the equivalent units for materials using FIFO. Compute the equivalent units for conversion costs using FIFO.

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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Kronk, Incorporated provides the following information concerning the work in process at its plant:

  • Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete).

  • Started this month, 74,500 units.

  • Transferred out, 71,500 units.

  • Ending inventory, 35,750 units (materials are 100 percent complete; conversion costs are 60 percent complete).

Required:

  1. Compute the equivalent units for materials using FIFO.
  2. Compute the equivalent units for conversion costs using FIFO.

     

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