Pierce & Company 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 62 percent complete). Started this month, 60,600 units. Transferred out, 50,400 units. Ending inventory, 20,500 units (materials are 100 percent complete; conversion costs are 13 percent complete). Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO. Equivalent Units Materials a. b. Conversion costs

Pierce & Company 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 62 percent complete). Started this month, 60,600 units. Transferred out, 50,400 units. Ending inventory, 20,500 units (materials are 100 percent complete; conversion costs are 13 percent complete). Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO. Equivalent Units Materials a. b. Conversion costs

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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Kramer Corporation began the period with 5,200 units in process that were 100% complete for materials and 60% complete for conversion, and ended the period with 26,000 units completed and 6,500 units still in process. Work in process was 100% complete for materials and 70% complete for conversion costs. Using the weighted-average method, compute the equivalent units of production for materials and conversion for the period. Equivalent Units Direct Materials Conversion Costs
The Bottling Department of Mountain Springs Water Company had 4,400 liters in beginning work in process inventory (25% complete). During the period, 55,400 liters were completed. The ending work in process inventory was 3,000 liters (65% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? what are the equivalent units for conversion costs
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