Pink Company uses the first-in-first-out (FIFO) method in its process costing system. Operating data for the first department for June appear below: Units% complete with regards to conversion costBeginning work in process inventory70040%Units started into production5 000 Units completed and transferred to the next department during June3 800 Normal losses (10% of current input)? Abnormal losses200 Ending work in process inventory?20% All losses are deemed to occur at the beginning of the process, when inspection takes place. The number of units in ending work in process inventory were: A.1 200 B.1 400 C.1 700 D.1 900

Equivalent units of products concept came in to existence when some units are not fully completed at…

Answered: Pink Company uses the…

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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Pink Company uses the first-in-first-out (FIFO) method in its process costing system. Operating data for the first department for June appear below:

	Units	% complete with regards to conversion cost
Beginning work in process inventory	700	40%
Units started into production	5 000
Units completed and transferred to the next department during June	3 800
Normal losses (10% of current input)	?
Abnormal losses	200
Ending work in process inventory	?	20%