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Use the following information: Physical Units -Started in August 2016 50,000 -Completed in August 46,000 -Final inventory of finished products 12,000 -Initial inventory of products
Use the following information:
Physical Units
-Started in August 2016 50,000
-Completed in August 46,000
-Final inventory of finished products 12,000
-Initial inventory of products in process 8,000
The initial inventory was 90% completed for materials and 40% for conversion costs. The final inventory was 60% completed for materials and 20% for conversion costs. Use the FIFO method to answer the questions.
- How many units were completed from the current period?
- How many were the equivalent units of conversion costs that remained in the final inventory of finished products?
- How many were the equivalent units of materials that remained in the final inventory of finished products?
- The equivalent units of conversion costs were
- The equivalent units of materials were
- How much were the units to be accounted for?
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