Below is information about Gandalf Corp., a chemical producer, for October: Work in process, beginning inventory..................................................50,000 units

Question:

Below is information about Gandalf Corp., a chemical producer, for October:

Work in process, beginning inventory..................................................50,000 units
Transferred in..........................................................................................100% complete
Direct materials.......................................................................................0% complete
Conversion costs.....................................................................................80% complete
Transferred in during October..............................................................200,000 units
Completed and transferred out during October.................................210,000 units
Work in process, ending inventory........................................................? units
Transferred in..........................................................................................100% complete
Direct materials........................................................................................0% complete
Conversion costs.....................................................................................40% complete


Required:

Compute the following using the FIFO method.

1. Number of units in work-in-process inventory at the end of the month.

2. Equivalent units of production for the month with respect to materials.

3. Equivalent units of production for the month with respect to 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 =...
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Related Book For  book-img-for-question

Introduction to Managerial Accounting

ISBN: 978-1259105708

5th Canadian edition

Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

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