Total equivalent units for materials under the FIFO method are calculated to be:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Landry Co. had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $14,000.
 
 

Work in Process Inventory
Beginning balance @ 12/1: 240 units, 10% completed $ 17,000   Completed 960 units and transferred them to finished goods inventory $ 165,262  
Direct materials   65,000          
Direct labor   41,000          
Overhead Property taxes   7,000          
Depreciation   38,000          
Utilities   22,000          
Indirect labor   5,000          
Ending balance @ 12/31: 360 units, 20% completed $ 29,738          
 



Total equivalent units for materials under the FIFO method are calculated to be:

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