3) At the start of June, the Polishing Department of Corona Counters, Inc. had 15,000 units...

3) At the start of June, the Polishing Department of Corona Counters, Inc. had 15,000 units in beginning inventory. During the month, it received 25,000 units from the Machining Department. It started and completed 17,000 units and transferred 32,000 units to the Packaging Department. It had 8,000 units in ending Work-in-Process Inventory. Direct materials are added at the beginning of the process. Units in beginning Work-in-Process Inventory were 50% complete in respect to conversion costs. Units in ending Work-in-Process Inventory were 40% complete with respect to conversion costs. The answer I need in an excel sheet, please

Prepare the production cost report for the Polishing Department for the equivalent units of production for the month of June. Use the FIFO method.

Expert Solution

Working

Units Reconciliation
*Units to account for:*
Beginning WIP	15,000
Units started this period	25,000
Total Units to account for	40,000
*Total Units accounted for:*
Completed & Transferred out	32,000
Ending WIP	8,000
Total Units accounted for	40,000

Information asked from available data

EUP - FIFO Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units of ENDING WIP	8,000	100.0%	8,000	40.0%	3,200
Units STARTED & COMPLETED	17,000	100%	17,000	100%	17,000
Units of beginning WIP	15,000	0.00%	-	50%	7,500
Equivalent Units of Production			25,000		27,700

ekkarill92 answered 1 year ago

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