Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need the answer for (b) with the res lines one. thanks On January 1, Waterway Company had 1,100 gallons of juice that were already
i need the answer for (b) with the res lines one. thanks
On January 1, Waterway Company had 1,100 gallons of juice that were already 30% complete for conversion costs at that time. Conversion costs are added evenly throughout production, while two DM resources are added at different stages: flavoring, added at the beginning of the process, and packaging, added when units have received 95% of conversion costs. Throughout the year, Waterway started another 60,200 gallons of juice. By year-end, 59,700 gallons had been completed, leaving 1,600 gallons still in WIP Inventory. These ending units were 80% complete for conversion costs so had not yet been packaged. (a) Assuming that Waterway uses the FIFO method of process costing. use Step 1 of the template to determine its physical flow of units and identify degree of completion. Now, use Step 2 of the template to determine equivalent units of production this year. Your answer is partisily correct. Now, use Step 2 of the template to determine equivalent units of production this year. Your answer is partially correct. Now, use Step 2 of the template to determine equivalent units of production this year 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