a. Using FIFO method, what is the equivalent production in units of Materials? b.Using FIFO method, what is the equivalent-unit material cost for the period? c. Using FIFO method, what is the equivalent production in units of Conversion Costs? Stage of CompletionUnitsMaterialsConversion CostBeginning work-in-processUnits started during the periodUnits completed and transferredEnding work-in-process18,00060%20%100,00094,00024,00080%40%Costs follows:Costs IncurredBeginning work-in-processUnits started during the periodMaterials Direct Labor Factory Overhead$ 22,500182,880$ 72,000468,000$ 17,640391,160

Solution... Equivalent units of production Particular units material conversion…

Stage of Completion Materials Units Conversion Beginning work-in-process Units started during the period Units completed and transferred Ending work-in-process 18,000 60% 20% 100,000 94,000 24,000 80% 40% Costs follows: Costs Incurred Beginning work-in-process Units started during the period Materials Direct Labor Factory Over $ 22,500 182,880 $ 72,000 468,000 $ 17,64 391,16

Stage of Completion Materials Units Conversion Beginning work-in-process Units started during the period Units completed and transferred Ending work-in-process 18,000 60% 20% 100,000 94,000 24,000 80% 40% Costs follows: Costs Incurred Beginning work-in-process Units started during the period Materials Direct Labor Factory Over $ 22,500 182,880 $ 72,000 468,000 $ 17,64 391,16

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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