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please help! On January 1. Sheridan Company had 1,200 gallons of juice that were already 30% complete for conversion costs at that time. Conversion costs
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On January 1. Sheridan Company had 1,200 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. Sheridan started another 69,400 gallons of juice. By year-end, 69,200 gallons had been completed, leaving 1,400 gallons still in WIP Inventory. These ending units were 80% complete for conversion costs so had not yet been packaged. (a) Assuming that Sheridan uses the FIFO method of process costing. use Step 1 of the template to dreormine its physical flow of units and identify degree of completion. On January 1. Sheridan Company had 1,200 gallons of juice that were already 30 ss complete for conversion costs at that time. Comversion costs are added evenly throughout production, while two DM resources are added at different stages: flavoring added at the beginning of the process, and packagine added when units have received 95% of corversion costs. Throughout the year, Sheridan started another 69,400 gallons of juice. By year-end, 69,200 gallons had been completed, leaving 1,400 gallons still in Wiplimentory. These ending units were B0x complete for comersion costs so had not yet been packaged. (a) Assuming that Sheridan uses the FIFO method of process costing une Step 1 of the template to determine its physical flow of units and identify degree of completion Step by Step Solution
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