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Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: Beginning inventory, 56,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 117,000 units. Units transferred out in December, 113,000 units. Ending inventory, 60,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method

Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: Beginning inventory, 56,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 117,000 units. Units transferred out in December, 113,000 units. Ending inventory, 60,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method

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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Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows:

  • Beginning inventory, 56,000 partially complete units, 10 percent complete with respect to conversion costs.
  • Units started in December, 117,000 units.
  • Units transferred out in December, 113,000 units.
  • Ending inventory, 60,000 units, 62 percent complete with respect to conversion costs.

Required:

Compute the equivalent units for materials and conversion costs for December using the FIFO method.

 

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