Question
The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017:
The assembly division of
Quality Time Pieces,
Inc. uses the FIFO method of process costing. Consider the following data for the month of May
2017:
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Requirement
Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
Enter the physical units in first, then calculate the equivalent units.
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| Physical |
Flow of Production | Units |
Work in process, beginning |
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Started during current period |
|
To account for |
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Completed and transferred out during current period: |
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From beginning work in process |
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Started and completed |
|
Work in process, ending |
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Accounted for |
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Equivalent unts of work done in current period |
|
Enter any number in the edit fields and then click Check Answer.
X . Data Table Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1) 100 $459,888 $142,570 Started in May 2017 510 Completed during May 2017 450 Ending work in process (May 31) 160 Total costs added during May 2017 $3,237,000 $1,916,000 Degree of completion direct materials, 80%: conversion costs, 35% Degree of completion direct materials, 80%, conversion costs. 40% Print DoneStep by Step Solution
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