Question

In: Accounting

Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing...

Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing department consisted of 6,600 units that were 75% complete with respect to conversion costs. Ending work in process inventory consisted of 5,600 units that were 60% complete with respect to conversion costs. If 13,200 units were transferred to the next processing department during the period, the equivalent units of production for conversion cost would be:

Garrison 16e Rechecks 2017-08-28

Multiple Choice

  • 13,850 units

  • 11,610 units

  • 14,850 units

  • 14,200 units

Solutions

Expert Solution

Answer

  • Correct Answer = Option #2: 11,610 units = Equivalent units for conversion cost

EUP - FIFO Method

Units

% Conversion

EUP - Conversion

Units of ENDING WIP

                                   5,600

60.0%

                                3,360

Units STARTED & COMPLETED [13200 – 6600 from beginning]

                                   6,600

100%

                                6,600

Units of beginning WIP

                                   6,600

25%

                                1,650 [75% was already complete]

Equivalent Units of Production

                             11,610

ekkarill92 answered 2 years ago
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