Need answer with this question The Miracle Company had 20,000 units in process on December 31,2016 which was 80% complete as to materials but only 40% complete asto conversion costs. The company's records show 40,000 units weretransferred to the Finished Goods Inventory during January 2017. OnJanuary 31, 2017, 15,000 units were on hand which were 30% completeas to conversion costs and 60% complete as to materials.What are the equivalent units of production for the conversion costs inJanuary, assuming Miracle uses first-in, first-out (FIFO)?a. 34,000.b. 35,000.c. 36,500.d. 41,500.

Step 1: Define FIFO Inventory Method For Equivalent UnitsProcess costing methods such as weighted…

Answered: The Miracle Company had 20,000 units in…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4EA: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion....

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Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
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