1. Munich corporation is a colorant manufacturer and uses a process costing system, Munich provided the following data for its December operations:

Work in process inventory, December 1 35,000 units

Completed production in December 90,000 units

Work in process inventory, December 31 20,000 units

The beginning work in process inventory was 70% complete for materials and 40% complete for conversion costs. The ending work in process inventory was 80% complete for materials and 60% complete for conversion costs. Total cost incurred relating to the beginning inventory and December operations were as follows:

Beginning Inventor

Materials 30,000 , Direct Labor 17,000 Overhead 22,400

Cost incurred in December

Materials 180,000, Direct Labor 65,000, Overhead 86,000

On December 31, the equivalent units of production for materials using first in, first out (FIFO) method are:

a. 75,000 units b. 81,500 units c. 106,000 units d. 110,000 units

2. Refer to the data for Munich Corporation. At December 31, the equivalent units of production for conversion costs using FIFO method are:

a. 75,000 units b. 81,500 units c. 106,000 units d. 110,000 units

3. Refer to the data for Munich Corporation. The equivalent unit cost of materials for December using FIFO method are:

a. 1.64 b. 1.91 c. 1.98 d. 2.21

4. Refer to the data for Munich Corporation. The equivalent unit cost of conversion for December using FIFO method are:

a. 1.37 b. 1.72 c. 1.73 d. 1.87

5. Refer to the data for Munich Corporation. The total cost of ending work in process inventory using FIFO method is:

a. 54,120 b. 56,000 c. 77,000 d. 78,600

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