Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,900 units were
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,900 units were 30 percent complete with respect to materials. During the period, 41,000 units were transferred out. Ending inventory consisted of 7,900 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 4,200 units were in the work-in-process inventory; 2,600 units were in the ending inventory. During the period, 9,200 units were transferred out to the next department. Materials and conversion costs are added evenly throughout the production process. FIFO costing is used. How many units were started during this period? c. Beginning inventory amounted to 900 units. This period, 4,100 units were started and completed. At the end of the period, the 2,500 units in inventory were 40 percent complete. Using FIFO costing, the equivalent production for the period was 5,280 units. What was the percentage of completion of the beginning inventory? d. The ending inventory included $100,100 for conversion costs. During the period, 46,400 equivalent units were required to complete the beginning inventory, and 63,000 units were started and completed. The ending inventory represented 11,000 equivalent units of work this period. FIFO costing is used. What were the total conversion costs incurred this period? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D In the beginning inventory, 4,900 units were 30 percent complete with respect to materials. During the period, 41,000 units were transferred out. Ending inventory consisted of 7,900 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? Units started and completed < Required A Required B >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started