The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials areadded at the beginning of the process):Beginning work in process (41,000 units):Percentage complete with respect toCostsEnding work in process (57,000 units):Percentage complete with respect toCostsMaterialsConversion100%$ 91,10020%$ 26,136100%60%????The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 andconversion costs were $1,129,000.Required:Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.Note: Round your answers to 2 decimal places.Cost per equivalent unitDirectMaterialsConversion

Equivalent units is a term used in accounting to represent the work-in-progress units at the end of…

The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (41,000 units): Percentage complete with respect to Costs Ending work in process (57,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 91,100 $ 26,136 100% 60% ?? ?? The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 and conversion costs were $1,129,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places.

The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (41,000 units): Percentage complete with respect to Costs Ending work in process (57,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 91,100 $ 26,136 100% 60% ?? ?? The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 and conversion costs were $1,129,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places.

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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