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The cutting process of Nash Designs started the year with $6,585 in beginning inventory. By year-end, Nash determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period $ Cost of units in ending WIP inventory DM $ 25 705 110 Conversion Costs 30 Nash's cost per equivalent unit is $70 for DM and $35 for conversion costs. How much cost should Nash assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 705 55

The cutting process of Nash Designs started the year with $6,585 in beginning inventory. By year-end, Nash determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period $ Cost of units in ending WIP inventory DM $ 25 705 110 Conversion Costs 30 Nash's cost per equivalent unit is $70 for DM and $35 for conversion costs. How much cost should Nash assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 705 55

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The cutting process of Nash Designs started the year with $6,585 in beginning inventory. By year-end, Nash determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period $ Cost of units in ending WIP inventory DM $ 25 705 110 Conversion Costs 30 Nash's cost per equivalent unit is $70 for DM and $35 for conversion costs. How much cost should Nash assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 705 55
Transcribed Image Text:The cutting process of Nash Designs started the year with $6,585 in beginning inventory. By year-end, Nash determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period $ Cost of units in ending WIP inventory DM $ 25 705 110 Conversion Costs 30 Nash's cost per equivalent unit is $70 for DM and $35 for conversion costs. How much cost should Nash assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 705 55
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