Question
In: Accounting
For each of the following situations, use the FIFO method of process costing to determine the...
For each of the following situations, use the FIFO method of
process costing to determine the equivalent units of production for
labor and overhead, assuming that they are continuously at the same
percentage of completion:
a.
| Beginning WIP Inventory (40% complete) | 10,000 |
| Units started in production | 350,000 |
| Units transferred out | 344,000 |
| Ending WIP Inventory (70% complete) | 16,000 |
| EU of production | Answer |
b.
| Beginning WIP Inventory (30% complete) | 40,000 |
| Units started in production | 480,000 |
| Units transferred out | ? |
| Ending WIP Inventory (80% complete) | 26,000 |
| EU of production | Answer |
c.
| Beginning WIP Inventory (55% complete) | 15,000 |
| Units started in production | 405,000 |
| Units transferred out | 415,800 |
| Ending WIP Inventory (90% complete) | ? |
| EU of production | Answer |
d.
| Beginning WIP Inventory (35% complete) | 10,800 |
| Units started in production | ? |
| Units transferred out | 351,600 |
| Ending WIP Inventory (45% complete) | 18,300 |
| EU of production |
Solutions
Expert Solution
a.
| Beginning WIP Inventory (40% complete) | 10,000 |
| Units started in production | 350,000 |
| Units transferred out | 344,000 |
| Ending WIP Inventory (70% complete) | 16,000 |
| EU of production | (10000*60%+334000+16000*70%) = 351200 |
b.
| Beginning WIP Inventory (30% complete) | 40,000 |
| Units started in production | 480,000 |
| Units transferred out | 40000+480000-26000 = 494000 |
| Ending WIP Inventory (80% complete) | 26,000 |
| EU of production | 40000*70%+454000+26000*80% = 502800 |
c.
| Beginning WIP Inventory (55% complete) | 15,000 |
| Units started in production | 405,000 |
| Units transferred out | 415,800 |
| Ending WIP Inventory (90% complete) | 15000+405000-415800 = 4200 |
| EU of production | 15000*45%+400800+4200*90% = 411330 |
d.
| Beginning WIP Inventory (35% complete) | 10,800 |
| Units started in production | 18300+351600-10800 = 359100 |
| Units transferred out | 351,600 |
| Ending WIP Inventory (45% complete) | 18,300 |
| EU of production | 10800*65%+340800+18300*45% = 356055 |
ekkarill92 answered 1 year agoRelated Solutions
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