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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
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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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 Completion Units Materials Conversion Cost 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 Overhead $ 22,500 182,880 $ 72,000 468,000 $ 17,640 391,160
Transcribed Image Text:Stage of Completion Units Materials Conversion Cost 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 Overhead $ 22,500 182,880 $ 72,000 468,000 $ 17,640 391,160
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