Below is information about ABC Ltd., a chemical producer, for the month of June: Work in process,

Question:

Below is information about ABC Ltd., a chemical producer, for the month of June:
Work in process, beginning inventory ............................... 25,000 units
Transferred-in units-100% complete
Direct materials-0% complete
Conversion costs-80% complete
Transferred in during June ............................................ 175,000 units
Completed and transferred out during June ....................... 170,000 units
Work in process, ................................. ? units
Transferred-in units-100% complete
Direct materials-0% complete
Conversion costs-40% complete
Instructions
(a) How many units are in ending work in process inventory?
(b) Under FIFO, what are the equivalent units of production for the month of June for materials?
(c) Under FIFO, what are the equivalent units of production for the month of June for conversion costs?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...