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The ABC Company is a small engine manufacturing company. Direct materials are added at the beginning of the process. Conversion costs are added evenly throughout
The ABC Company is a small engine manufacturing company. Direct materials are added at the beginning of the process. Conversion costs are added evenly throughout the process. The company uses the FIFO method. The following information was provided for the month of August: Work in Process, August 1(1) Started during August Completed and transferred out during August Work in Process, August 31(2) \begin{tabular}{|l|l} (1) & Degree of completion. Direct materials 100%, conversion costs 70%. \\ \hline *(2) & Degree of completion. Direct materials 100%, conversion costs 50%. \end{tabular} Total Costs for August Work In Process, Beginning \begin{tabular}{|l|r|r|} \hline Direct Materials & $75,000 & \\ \hline Conversion Costs & 87500 & $162,500 \\ \hline Direct Materials added during August & & 325,000 \\ \hline Conversion Costs added during August & & 463,750 \\ \hline Total Costs to Account for & $951,250 \\ \hline \end{tabular} WHAT IS THE TOTAL NUMBER OF EQUIVALENT UNITS OF DIRECT MATERIALS COMPLETED IN PRODUCTION IN THE CURRENT PERIOD? WHAT IS THE TOTAL NUMBER OF EQUIVALENT UNITS OF CONVERSION COSTS COMPLETED IN PRODUCTION IN THE CURRENT PERIOD? WHAT IS THE THE TOTAL DIRECT MATERIAL COSTS INCURRED IN THE CURRENT PERIOD? WHAT IS THE THE TOTAL CONVERSION COSTS INCURRED IN THE CURRENT PERIOD? WHAT IS THE CURRENT COST PER UNIT OF DIRECT MATERIALS? WHAT IS THE CURRENT COST PER UNIT OF CONVERSION COSTS? WHAT IS THE COST OF COMPLETED UNITS AND TRANSFERRED OUT USING FIFO? \begin{tabular}{l} Choose... \\ $10.60 \\ $513,000 \\ $10.90 \\ $236,000 \\ 50,000 \\ $7.10 \\ 6.50 \\ $259,000 \\ $325,000 \\ 43,750 \\ $715,250 \\ $463,750 \\ \hline Choose.. \end{tabular} WHAT IS THE COST OF ENDING WORK IN PROCESS USING FIFO? Choose
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