Question: Khalid Inc. manufactures pain killer medicines. You are given the cost information below: DM CC ΤΙ Total Units Physical Units Workin process, May 1 $7297 $3860 $19250 Costs added in May 67732 21930 98050 $75029 $25790 $117300 Equivalent Equivalent Units (DM) Units (CC) Equivalent Units (TI) Summary Beginning 8000 1600 (20%) 3200 (40%) 8000 (100%) WIP This Period's Work Complete 6000 Beg WIP Start& 12000 4800 (80%) 3600 (60%) 0 (0%) Complete Ending 8000 12000 (100%) 12000 (100%) 12000 (100%) 1600 (20%) 4400 (55%) 8000 (100%) WIP FIFO 26000 18400 20000 20000 Equivalent Units WA Equivalent 20000 23200 28000 Units (with Beg WIP) 1. Compute the cost per EUP under WA method. 2. Compute the cost per EUP under FIFO method
Question: Khalid Inc. manufactures pain killer medicines. You are given the cost information below: DM CC ΤΙ Total Units Physical Units Workin process, May 1 $7297 $3860 $19250 Costs added in May 67732 21930 98050 $75029 $25790 $117300 Equivalent Equivalent Units (DM) Units (CC) Equivalent Units (TI) Summary Beginning 8000 1600 (20%) 3200 (40%) 8000 (100%) WIP This Period's Work Complete 6000 Beg WIP Start& 12000 4800 (80%) 3600 (60%) 0 (0%) Complete Ending 8000 12000 (100%) 12000 (100%) 12000 (100%) 1600 (20%) 4400 (55%) 8000 (100%) WIP FIFO 26000 18400 20000 20000 Equivalent Units WA Equivalent 20000 23200 28000 Units (with Beg WIP) 1. Compute the cost per EUP under WA method. 2. Compute the cost per EUP under FIFO method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Provide answer
Transcribed Image Text:Question:
Khalid Inc. manufactures pain killer medicines. You are given the cost
information below:
DM
CC
ΤΙ
Total
Units
Physical
Units
Workin process, May 1 $7297 $3860 $19250
Costs added in May
67732 21930 98050
$75029 $25790 $117300
Equivalent Equivalent
Units (DM) Units (CC)
Equivalent
Units (TI)
Summary
Beginning 8000
1600 (20%) 3200 (40%) 8000 (100%)
WIP
This
Period's
Work
Complete 6000
Beg WIP
Start&
12000
4800 (80%) 3600 (60%) 0 (0%)
Complete
Ending
8000
12000 (100%) 12000 (100%) 12000 (100%)
1600 (20%) 4400 (55%) 8000 (100%)
WIP
FIFO
26000
18400
20000
20000
Equivalent
Units
WA Equivalent
20000
23200
28000
Units (with Beg
WIP)
1. Compute the cost per EUP under WA method.
2. Compute the cost per EUP under FIFO method
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education