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 1 year ago
Next > < Previous

Related 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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT