yum yum meat company uses a process costing system. the following information relates to one months activity in the company's curing department: Units Convrersion % complete beginning work in process inventory 10000 20% Units started 21000 Units completed and transferred out 26000 Ending work in process inventory 5000 80% The conversion cost of the beginning inventory was $6500. During the month, $112,000 in additional conversion cost was incurred. Required: a) Assume that the company uses the FIFO method. Compute the following: 1. The equivalent units of production for conversion for the month. 2. The cost per equivalent unit for conversion for the month. 3. The total cost transferred out during the month. 4. The cost assigned to the ending work in process inventory. b) Assume that the company uses the weighted average cost method. Compute the following: 1. The equivalent units of production for conversion for the month 2. The cost per equivalent unit for conversion for the month 3. The total cost transferred out during the month 4. The cost assigned to the ending work in process inventory

yum yum meat company uses a process costing system. the following information relates to one months activity in the company's curing department: Units Convrersion % complete beginning work in process inventory 10000 20% Units started 21000 Units completed and transferred out 26000 Ending work in process inventory 5000 80% The conversion cost of the beginning inventory was $6500. During the month, $112,000 in additional conversion cost was incurred. Required: a) Assume that the company uses the FIFO method. Compute the following: 1. The equivalent units of production for conversion for the month. 2. The cost per equivalent unit for conversion for the month. 3. The total cost transferred out during the month. 4. The cost assigned to the ending work in process inventory. b) Assume that the company uses the weighted average cost method. Compute the following: 1. The equivalent units of production for conversion for the month 2. The cost per equivalent unit for conversion for the month 3. The total cost transferred out during the month 4. The cost assigned to the ending work in process inventory

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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