Question
URGENT: Jimbob Co. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for
URGENT:
Jimbob Co. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Work in process, beginning: |
|
Units in process | 700 |
Stage of completion with respect to materials | 50% |
Stage of completion with respect to conversion | 40% |
Units started into production during the month | 23,000 |
Work in process, ending: |
|
Units in process | 200 |
Stage of completion with respect to materials | 80% |
Stage of completion with respect to conversion | 40% |
Required: Using the FIFO method, determine the equivalent units of production for materials and conversion costs by compiling the "Quantity Schedule and Equivalent Units" portion of the production report.
Quantity schedule and equivalent units
| Quantity Schedule |
Units to be accounted for: |
|
Work in process, beginning |
|
Started into production |
|
Total units |
|
|
| Equivalent units | |
|
| Materials | Conversion |
Work in process, beginning, complete |
|
|
|
Units started and completed in period |
|
|
|
Work in process, ending |
|
|
|
Total units |
|
|
|
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