The Following Data Is Available for Osman Corp

question 117

Essay

The following data is available for Osman Corp.for the current year:
Beginning inventory of goods in process 12,000 units,60% completed
Ending inventory of goods in process 18,000 units,30% completed
Units completed and transferred to
finished goods during the year 144,000 units
Calculate the equivalent units of production for the year using the weighted average method.

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Definitions:

Tangible Asset

Physical and material assets that can be seen, touched, or quantified, such as machinery, buildings, and inventory.

Goodwill

The intangible asset that arises when a business is acquired for more than the fair value of its net identifiable assets.

GAAP

Generally Accepted Accounting Principles; a collection of standardized guidelines and practices for financial accounting used in a particular jurisdiction.