Lead Inc. processes a single type of lead pipe. For the current period the following information is given: Units Material Costs Beginning Inventory 5,000 $ 125,000 Conversion Costs $ 40,275 Started During the Current Period 20,000 $ 450,000 $ 232,875 Ending Inventory 2,500 All materials are added at the beginning of the production process. The beginning inventory was 60% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. Calculate Lead's physical flow of units, equivalent units, cost per equivalent unit and assign costs to the inventory categories of Finished Goods and Ending Work-in-Process using the FIFO method of processing costing.
Lead Inc. processes a single type of lead pipe. For the current period the following information is given: Units Material Costs Beginning Inventory 5,000 $ 125,000 Conversion Costs $ 40,275 Started During the Current Period 20,000 $ 450,000 $ 232,875 Ending Inventory 2,500 All materials are added at the beginning of the production process. The beginning inventory was 60% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. Calculate Lead's physical flow of units, equivalent units, cost per equivalent unit and assign costs to the inventory categories of Finished Goods and Ending Work-in-Process using the FIFO method of processing costing.
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 5BE: The cost of direct materials transferred into the Rolling Department of Kraus Company is 3,000,000....
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