Department E had 5,000 units in Work in Process that were 40% completed at the beginning...

Department E had 5,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 17,000 units were completed during the period, and 2,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,000 and factory overhead was $18,000. The number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories was:

Expert Solution

Answer:

Number of units Started and Completed
                   =   Completed (-) beginning
                   = 17,000 units (-) 5,000 units
                   =    12,000 units

Beginning- Work in Process
      = Beginning Units x (1 -percentage of Completion)
      =   5,000 x (1- 40%)
      =    3,000 units

Ending Work in Process
      = Ending Units x percentage of Completion
       =   2,000 units x 75%
       =   1,500 units

Equivalent units of production under FIFO method
= (12,000 + 3,000 + 1,500 ) units
= 16,500

Equivalent units of production under FIFO method = 16,500

ekkarill92 answered 1 year ago

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