Question
In: Accounting
Magic Company adds materials at the beginning of the process in Department A. The following information...
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available:
| Work in process, August 1 (58% complete with respect to conversion) | 16,400 | |
| Started in August | 118,800 | |
| Completed | 118,800 | |
| Work in process, August 31 (71% complete with respect to conversion) | 16,400 | |
Required:
a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method.
b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
Solutions
Expert Solution
- Requirement [a]
|
EUP - Weighted Average Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units TRANSFERRED |
118,800 |
100% |
118,800 |
100% |
118,800 |
|
Units of ENDING WIP |
16,400 |
100% |
16,400 |
71% |
11,644 |
|
Equivalent Units of Production |
135,200 |
130,444 |
- Requirement [b]
|
EUP - FIFO Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units of ENDING WIP |
16,400 |
100.0% |
16,400 |
71.0% |
11,644 |
|
Units STARTED & COMPLETED |
102,400 |
100% |
102,400 |
100% |
102,400 |
|
Units of beginning WIP |
16,400 |
0.00% |
- |
42% |
6,888 |
|
Equivalent Units of Production |
118,800 |
120,932 |
ekkarill92 answered 9 months agoRelated Solutions
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