Question
Longboard Company has a process costing system. All materials are introduced at the beginning of the process in Department One. The following information is available
Longboard Company has a process costing system. All materials are introduced at the beginning of the process in Department One. The following information is available for the month of January:
| Units | |
|---|---|
| Work in process, July 1 (40% complete for conversion) | 400 |
| Started | 2,000 |
| Completed and transferred to Department 2 | 1,900 |
| Work in process, July 31 (60% complete for conversion) | 500 |
What are the equivalent units for the month of July if the company uses the FIFO method?
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Financial Accounting An International Perspective
Authors: Arne Kinserdal
2nd Edition
0273631543, 978-0273631545
