Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Fanning Company had 230 units of product in its work in process inventory at the beginning of the period and started 1700 additional units during

image text in transcribed
image text in transcribed
Fanning Company had 230 units of product in its work in process inventory at the beginning of the period and started 1700 additional units during the period. At the end of the period, 720 units were in work in process inventory. The ending work in process inventory was estimated to be 60 percent complete. The cost of work in process inventory at the beginning of the period was $6,520, and $18.110 of product costs was added during the period. Required a. Calculate the number of equivalent units of production b. Calculate the product cost per equivalent unit. c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. Complete this question by entering your answers in the tabs below. Reg A and B Reqc Calculate the number of equivalent units of production and the product cost per equivalent unit. (Round "Cost per equivalent unit answer to 2 decimal places.) a. Equivalent units b. Cost per equivalent unit Complete this question by entering your answers in the tabs below. Reg A and B Req Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar.) Cost Allocation To finished goods To ending work-in-process inventory Total allocated cost $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Thomas Calculus Early Transcendentals

Authors: Joel R Hass, Christopher E Heil, Maurice D Weir

13th Edition

9780321884077

Students also viewed these Accounting questions