1.) A firm uses the FIFO method for process costing. It has 302 units in beginning WIP inventory at 21% complete with respect to conversion costs. It starts 22,215 units during the period and has 325 units in ending inventory (these units are 26% complete with respect to conversion costs). All direct materials are added at the beginning of the process.

What are total equivalent units with respect to conversion costs (round final answer to the nearest unit, for this question only)?

2.)Olsen Company processes lumber into a product called medium density fiberboard.

For the month of February, it had 80,000 square feet of medium density fiberboard in process at the beginning of the month. Another 500,000 square feet were put into process during February, and 60,000 square feet were still in process at the end of February.

All materials, including transferred-in materials, are added at the beginning of the process. Conversion costs are incurred uniformly throughout the production process. The ending work-in-process inventory of 60,000 units was 60% complete with respect to conversion costs.

Using the weighted average method, what are total equivalent units with respect to transferred-in costs in February?

	a.	560,000 square feet
	b.	536,000 square feet
	c.	Cannot be determined from this information.
	d.	580,000 square feet

3.)Beginning inventory consisted of 10,000 units (20 percent complete with respect to conversion costs) and ending inventory consisted of 20,000 units (40 percent complete with respect to conversion costs). 60,000 units were started during the period.

What is total equivalent units with respect to conversion costs, using the FIFO method?

56,000

b.

66,000

c.

68,000

d.

58,000

4.)Beginning inventory consisted of 10,000 units (80 percent complete with respect to conversion costs) and ending inventory consisted of 20,000 units (40 percent complete with respect to conversion costs). 60,000 units were started during the period.

Direct materials are added when units are 75% complete with respect to conversion costs.

What is total equivalent units with respect to direct materials, using the FIFO method?

	a.	50,000
	b.	60,000
	c.	56,000
	d.	40,000