Question
In: Accounting
W Company uses process costing has the following information available for November. Beginning Work-in-Process Inventory was...
W Company uses process costing has the following information available for November. Beginning Work-in-Process Inventory was 7,000 units that were 100% complete as to materials and 40% complete as to conversion. There were 32,000 units started during the period. Ending Work-in-Process Inventory was 2,500 units that were 100% complete as to materials and 25% complete as to conversion. The Equivalent Units of production for material using the FIFO method would be _____.
Group of answer choices
A) 34,500
B) 36,800
C) 32,000
D) 39,000
Solutions
Expert Solution
|
Opening work in process is 7000 units which are 100% materials complete, So no material needed for opening Work in process is 0 as per FIFO method. |
|
|
Materials started 32000 units out of which units remaining in WIP is 2500 fully completed units transferred = 32000-2500 =29500 |
|
|
Remaining WIP 2500 is fully complete from new material issued. (100%) |
|
|
Calculation of equivalent units of Material as per FIFO |
|
|
For opening work in process. (7000*0%)..............................................0 |
|
|
for new units issued and completed 100%. (29500*100%)...............29500 |
|
|
For closing work in process(2500*100%)..........................................2500 |
|
|
________________________________________________________________________________ |
|
|
Total equivalent units for materials......................................................32000 |
|
| So answer is C, $32000 |
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