The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. Flow of Production Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Physical Units Data table Beginning work in process (May 1)a Started in May 2020 Physical Units (Watches) 100 Print 510 450 160 Completed during May 2020 Ending work in process (May 31) Total costs added during May 2020 aDegree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 80%; conversion costs, 40%. Direct Materials $459,888 Done $3,237,000 Conversion Costs $142,570 $1,916,000

The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. Flow of Production Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Physical Units Data table Beginning work in process (May 1)a Started in May 2020 Physical Units (Watches) 100 Print 510 450 160 Completed during May 2020 Ending work in process (May 31) Total costs added during May 2020 aDegree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 80%; conversion costs, 40%. Direct Materials $459,888 Done $3,237,000 Conversion Costs $142,570 $1,916,000

Name: The assembly division of Quality Time Pieces, Inc. uses the FIFO meth
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Description: The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020:(Click the icon to view the data.)RequirementCompute equivalent units for direct materials and conversion costs. Sho

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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