Question
In: Accounting
Pierce & Company provides the following information concerning the work in process at its plant: ...
Pierce & Company provides the following information concerning
the work in process at its plant:
• Beginning inventory was partially complete
(materials are 100 percent complete; conversion costs are 59
percent complete).
• Started this month, 60,700 units.
• Transferred out, 49,300 units.
• Ending inventory, 21,700 units (materials are 100
percent complete; conversion costs are 14 percent
complete).
Required:
a. Compute the equivalent units for
materials using FIFO.
b. Compute the equivalent units for
conversion costs using FIFO.
Solutions
Expert Solution
| Physical Units | ||||||
| Units completed and Transferred out: | 49300 | |||||
| Work in process, Ending (14% complete) | 21700 | |||||
| Total units accounted for | 71000 | |||||
| Less : Units Started this month | 60700 | |||||
| Work in process, beginning (59% complete) | 10300 | |||||
| 2. Equivalent Units Schedule | ||||||
| Pierce & Company | ||||||
| Equivalent Units Schedule | ||||||
| UNITS | Equivalent Units | |||||
| Physical Units | % to complete | Direct Materials | % to complete | Conversion Costs | ||
| Units completed and Transferred out: | ||||||
| From beginning Work in process | 10300 | 0% | 0 | 41% | 4223 | |
| Started and completed (49300-10300) | 39000 | 100% | 39000 | 100% | 39000 | |
| Units completed and Transferred out | 49300 | |||||
| Work in process, Ending (90% complete) | 21700 | 100% | 21700 | 14% | 3038 | |
| Equivalent Units of Output | 71000 | 60700 | 46261 | |||
| a. | Equivalent units for materials using FIFO | = | 60700 | |||
| b. | Equivalent units for conversion costs using FIFO | = | 46261 | |||
Feel free to ask any clarification, if required. Please provide feedback by thumbs up, if satisfied. It will be highly appreciated. Thank you.
ekkarill92 answered 3 weeks agoRelated Solutions
Pierce & Company provides the following information concerning the work in process at its plant: •...
Pierce & Company provides the following information
concerning the work in process at its plant:
• Beginning inventory was partially complete (materials are 100
percent complete; conversion costs are 61 percent complete).
• Started this month, 59,300 units.
• Transferred out, 50,200 units.
• Ending inventory, 18,700 units (materials are 100 percent
complete; conversion costs are 15 percent complete).
Required:
a. Compute the equivalent units for materials
using FIFO.
b. Compute the equivalent units for conversion
costs using FIFO.
Pierce & Company provides the following information concerning the work in process at its plant: Beginning...
Pierce & Company provides the following information
concerning the work in process at its plant:
Beginning inventory was partially complete (materials are 100
percent complete; conversion costs are 40 percent complete).
Started this month, 252,000 units.
Transferred out, 210,000 units.
Ending inventory, 140,000 units (materials are 100 percent
complete; conversion costs are 45 percent complete).
Required:
a. Compute the equivalent units for materials
using FIFO.
b. Compute the equivalent units for conversion
costs using FIFO.
I found the answer for...
Required information The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories....
Required information
The Matsui Lubricants
plant uses the FIFO method to account for its work-in-process
inventories. The accounting records show the following information
for a particular day:
Beginning WIP
inventory
Direct
materials
$
962
Conversion
costs
497
Current period
costs
Direct
materials
19,320
Conversion
costs
14,994
Quantity information
is obtained from the manufacturing records and includes the
following:
Beginning
inventory
600
units
(70% complete as
to materials,
55% complete as to conversion)
Current period
units started
5,500
units
Ending
inventory...
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are...
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process—Assembly Department
Bal., 6,400 units, 40% completed
45,760
To Finished Goods, 119,400 units
?
Direct materials, 116,000 units @ $6.25
725,000
Direct labor
145,160
Factory overhead
90,020
Bal. ? units, 25% completed
?
Determine the following:
a. The number of units in work in process
inventory at the...
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are...
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process-Assembly Department
Bal., 9,000 units, 70% completed
25,560
To Finished Goods, 207,000 units
?
Direct materials, 212,000 units @ $1.30
275,600
Direct labor
361,300
Factory overhead
140,540
Bal. ? units, 60% completed
?
Determine the following:
a. The number of units in work in process
inventory at the...
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are...
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process-Assembly Department
Bal., 5,000 units, 50% completed
19,750
To Finished Goods, 115,000 units
?
Direct materials, 118,000 units @ $2.00
236,000
Direct labor
349,900
Factory overhead
136,040
Bal., ? units, 40% completed
?
Determine the following:
a. The number of units in work in process
inventory at the...
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are...
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process-Assembly Department
Bal., 7,000 units, 45% completed
18,305
To Finished Goods, 161,000 units
?
Direct materials, 165,000 units @ $1.4
231,000
Direct labor
342,200
Factory overhead
133,110
Bal. ? units, 55% completed
?
Determine the following:
a. The number of units in work in process
inventory at the...
The charges to Work in Process—Baking Department for a period as well as information concerning production...
The charges to Work in Process—Baking Department for a period as
well as information concerning production are as follows. The
Baking Department uses the average cost method, and all direct
materials are placed in process during production. Work in
Process—Baking Department Bal., 2,000 units, 70% completed 3,280 To
Finished Goods, 14,400 units ? Direct materials, 14,600 units
34,894 Direct labor 16,551 Factory overhead 8,527 Bal., 2,200
units, 30% completed ? If required, round cost per equivalent unit
answer to two...
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are...
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in
Process—Assembly Department
Bal., 2,000 units, 75%
completed
10,000
To Finished Goods,
46,000 units
?
Direct materials,
47,000 units @ $2
94,000
Direct labor
139,600
Factory overhead
54,330
Bal. ? units, 20%
completed
?
a. Based on the above data, determine the
different costs listed below.
If required, round...
The charges to Work in Process—Baking Department for a period as well as information concerning production...
The charges to Work in Process—Baking Department for a period as
well as information concerning production are as follows. The
Baking Department uses the average cost method, and all direct
materials are placed in process during production.
Work in Process—Baking Department
Bal., 2,600 units, 40% completed
8,918
To Finished Goods, 18,700 units
?
Direct materials, 19,000 units
95,380
Direct labor
49,879
Factory overhead
25,695
Bal., 2,900 units, 60% completed
?
If required, round cost per equivalent unit answer to two...
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