FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
61,000
327,000
305,000
83,000
Direct
Materials
Percent
Complete
65%
85%
Conversion
Percent Complete
35%
35%
(a) Compute the number of units started and completed this period for the first production department.
Units started and completed
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Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 61,000 327,000 305,000 83,000 Direct Materials Percent Complete 65% 85% Conversion Percent Complete 35% 35% (a) Compute the number of units started and completed this period for the first production department. Units started and completed
(b) Compute the number of equivalent units of production for both direct materials and conversion for the first production department
for April using the FIFO method.
Equivalent units of production
Equivalent units of production: FIFO method
Direct Materials
Units
Percent
Added
EUP
Conversion
Percent
Added
EUP
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Transcribed Image Text:(b) Compute the number of equivalent units of production for both direct materials and conversion for the first production department for April using the FIFO method. Equivalent units of production Equivalent units of production: FIFO method Direct Materials Units Percent Added EUP Conversion Percent Added EUP
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