* Your answer is incorrect. Concord Industries began the year with 5,500 stocking hats in WIP Inventory, 20% complete overall. Both conversion costs and DM resources are added to hats evenly throughout the process. Throughout the year, the company started 79,700 more hats, and it had completed 75,400 in total by year-end. Units in ending WIP Inventory were 70% complete overall. Concord uses the FIFO method of process costing. Determine equivalent units for this processing department at year-end by completing Step 2 of the template. Total equivalent units eTextbook and Media DM 132290 Conversion Costs 132290 Assistance Used

* Your answer is incorrect. Concord Industries began the year with 5,500 stocking hats in WIP Inventory, 20% complete overall. Both conversion costs and DM resources are added to hats evenly throughout the process. Throughout the year, the company started 79,700 more hats, and it had completed 75,400 in total by year-end. Units in ending WIP Inventory were 70% complete overall. Concord uses the FIFO method of process costing. Determine equivalent units for this processing department at year-end by completing Step 2 of the template. Total equivalent units eTextbook and Media DM 132290 Conversion Costs 132290 Assistance Used

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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Question

* Your answer is incorrect.
Concord Industries began the year with 5,500 stocking hats in WIP Inventory, 20% complete overall. Both conversion costs and DM resources are added to hats evenly throughout the process.
Throughout the year, the company started 79,700 more hats, and it had completed 75,400 in total by year-end. Units in ending WIP Inventory were 70% complete overall. Concord uses the
FIFO method of process costing. Determine equivalent units for this processing department at year-end by completing Step 2 of the template.
Total equivalent units
eTextbook and Media
DM
132290
Conversion Costs
132290
Assistance Used

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Step 1: Introducing Equivalents Units Production

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Step 2: Calculate the Ending WIP & Units Started & Completed

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Step 3: Calculate the Equivalent Units Production

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Narwhal Swimwear has a beginning work in process inventory of 14,000 units and transferred in 110,000 units before ending the month with 13,000 units that were 100% complete with regard to materials and 20% complete with regard to conversion costs. The cost per unit of material is $5.60 and the cost per unit for conversion is $8.60. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
Casa Blanca began operations on January 1 of the current year. The company uses a process costing system and conversion cost incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements could be true about the ending work-in-process (WIP) inventory if equivalent units for conversion cost totalled 68,000 units? Multiple Choice The ending WIP inventory amounted to 4,000 physical units The ending WIP inventory of 10,000 physical units was 30% complete Some other answer There is no ending WIP inventory The ending WIP inventory of 20,000 physical units was 60% complete
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Please help me. Thankyou.