Question
In: Accounting
Pierce & Company provides the following information concerning the work in process at its plant: Beginning...
Pierce & Company provides the following information concerning the work in process at its plant:
Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 40 percent complete).
Started this month, 252,000 units.
Transferred out, 210,000 units.
Ending inventory, 140,000 units (materials are 100 percent complete; conversion costs are 45 percent complete).
Required:
a. Compute the equivalent units for materials using FIFO.
b. Compute the equivalent units for conversion costs using FIFO.
I found the answer for part a. but I'm confused on how to calculate part b., I've viewed other questions like this one on chegg and I'm stuck on how to complete beginning inventory balance.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Pierce & Company provides the following information concerning the work in process at its plant: •...
Pierce & Company provides the following information
concerning the work in process at its plant:
• Beginning inventory was partially complete (materials are 100
percent complete; conversion costs are 61 percent complete).
• Started this month, 59,300 units.
• Transferred out, 50,200 units.
• Ending inventory, 18,700 units (materials are 100 percent
complete; conversion costs are 15 percent complete).
Required:
a. Compute the equivalent units for materials
using FIFO.
b. Compute the equivalent units for conversion
costs using FIFO.
Pierce & Company provides the following information concerning the work in process at its plant: ...
Pierce & Company provides the following information concerning
the work in process at its plant:
• Beginning inventory was partially complete
(materials are 100 percent complete; conversion costs are 59
percent complete).
• Started this month, 60,700 units.
• Transferred out, 49,300 units.
• Ending inventory, 21,700 units (materials are 100
percent complete; conversion costs are 14 percent
complete).
Required:
a. Compute the equivalent units for
materials using FIFO.
b. Compute the equivalent units for
conversion costs using FIFO....
Oriole Company reported the following information for the month of April: Units Work in Process Beginning...
Oriole Company reported the following information for the month
of April:
Units
Work in Process
Beginning inventory, April 1
7,200
Added to production
44,700
Completed and transferred out
?
Ending inventory, April 30
4,000
Ending inventory was 100% complete with respect to materials and
56% complete with respect to labor and overhead.
Oriole also reported the following cost information in
April:
Costs
Materials
Labor and Overhead
Work in Process
Beginning inventory, April 1
$11,000
$17,400
Added to production
67,700
135,000...
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...
During the year of 2019, XYZ Company had the following financial information: Work in process (beginning)...
During the year of 2019, XYZ Company had the following financial
information:
Work in process (beginning) $1,080
Work in process (ending) 950
Finished Goods (beginning) 0
Finished Goods (ending) 100
Sales 2,000
Raw Materials used 500
Labour (note 1) 200
Production facility Rent 400
Utilities (note 2) 100
Advertising 200
Note 1: 75% of Labour costs are Direct Labour and the remaining
costs are indirect manufacturing
Labour Note 2: 80% of Utilities are product costs
Note 3: At the end...
The following information was taken for the records of Hickory Manufacturing Company: Beginning Work-in-Process Inventory 800...
The following information was taken for the records of Hickory
Manufacturing Company:
Beginning Work-in-Process Inventory
800
Units Completed
1,600
Ending Work-in-Process Inventory
400
Ending Work-in-Process Inventory was 100% complete as the
materials and 20% complete as the conversion costs.
Cost Information:
Materials
Conversion
Beginning Work-in-Process
$6,400
$4800
Added during period
9,600
12,000
Prepare a cost of production report based on the above
information.
Please provide a step-by-step answer for the following
problem:
The following information was taken for the records of Hickory Manufacturing Company: Beginning Work-in-Process Inventory 800...
The following information was taken for the records of Hickory
Manufacturing Company:
Beginning Work-in-Process Inventory
800
Units Completed
1,600
Ending Work-in-Process Inventory
400
Ending Work-in-Process Inventory was 100% complete as the
materials and 20% complete as the conversion costs.
Cost Information:
Materials
Conversion
Beginning Work-in-Process
$6,400
$4800
Added during period
9,600
12,000
Prepare a cost of production report based on the above
information.
SHOW STEPS PLEASE
Manufacturing Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials...
Manufacturing Company reported the following year-end
information: Beginning work in process inventory $1,080,000
Beginning raw materials inventory 300,000 Ending work in process
inventory 900,000 Ending raw materials inventory 480,000 Raw
materials purchased 960,000 Direct labor 900,000 Manufacturing
overhead 720,000 Laflin Manufacturing Company's cost of goods
manufactured for the year is $2,400,000 $2,580,000 $2,220,000
$2,760,000. Please, I need a help? Thanks.
Crane Company has gathered the following information. Units in beginning work in process 0 Units started...
Crane Company has gathered the following information.
Units in beginning work in process
0
Units started into production
37,300
Units in ending work in process
8,200
Percent complete in ending work in process:
Conversion costs
40
%
Materials
100
%
Costs incurred:
Direct materials
$78,330
Direct labor
$66,500
Overhead
$105,114
Compute equivalent units of production for materials and for
conversion costs.
Materials
Conversion Costs
The equivalent units of production
Determine the unit costs of production. (Round unit
costs to 2...
Baden Company has gathered the following information. Units in beginning work in process 0 Units started...
Baden Company has gathered the following information.
Units in beginning work in process
0
Units started into production
40,100
Units in ending work in process
8,000
Percent complete in ending work in process:
Conversion costs
40
%
Materials
100
%
Costs incurred:
Direct materials
$80,200
Direct labor
$61,900
Overhead
$109,305
Part 1
Compute equivalent units of production for materials and for
conversion costs.
Materials
Conversion Costs
The equivalent units of production
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