Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN: 9781305970663
Author: Don R. Hansen, Maryanne M. Mowen
Publisher: Cengage Learning
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Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on
work-in-process in December follows:
• Beginning inventory, 24,000 partially complete units, 10 percent complete with respect to conversion costs.
• Units started in December, 85,000 units.
•
Units transferred out in December, 81,000 units.
Ending inventory, 28,000 units, 62 percent complete with respect to conversion costs.
Required:
Compute the equivalent units for materials and conversion costs for December using the FIFO method.
Answer is complete but not entirely correct.
Equivalent
Units
Materials
109,000
Conversion Costs
104,760
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Transcribed Image Text:Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: • Beginning inventory, 24,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 85,000 units. • Units transferred out in December, 81,000 units. Ending inventory, 28,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Answer is complete but not entirely correct. Equivalent Units Materials 109,000 Conversion Costs 104,760
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