Question
please help urgent One company system of accounting for production and information about the first stage of production has become 1- beginning inventory of work
please help urgent
One company system of accounting for production and information about the first stage of production has become 1- beginning inventory of work in process (500) units (40% conversion costs) and ending inventory of work in process (300) (40% conversion costs) 2-The units that started the stage (2500) units and units completed and converted (2600) unit. 3- materials are Added at the middle of the production processes, conversion are added equally during the production proeesses 4-Cost of work in process for direct material was_zero , conversion cost dinar and Costs added in current period direct material 40500 dinar conversion cost 36120 dinar Normal spoilage 5 % of good production and inspection point 60 % Process Required :- 1- prepare of Equivalent units 2- calculate the cost per equivalent unit for each cost category; and assign costs to units completed and transferred ,and to units in ending work in process use FIFO method
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