Sharp Company Has a Process Costing System All Materials Are Added at the Beginning of the Mixing

question 131

Essay

Sharp Company has a process costing system.The following data relate to the company's Mixing Department for a recent month:
$\begin{array}{|l|r|r|}\hline&\text { Units} &\text { Conversion percentage}\\&&\text { complete}\\\hline \begin{array}{l}\text { Beginning work in process } \\\text { inventory }\end{array} & 5,000 & 60 \% \\\hline \text { Units started into production } & 40,000 & \\\hline \begin{array}{l}\text { Units completed and } \\\text { transferred }\end{array} & 37,000 & \\\hline \begin{array}{l}\text { Ending work in process } \\\text { inventory }\end{array} & 8,000 & 25 \% \\\hline\end{array}$

All materials are added at the beginning of the mixing process.
Required:
a)(Appendix 6A)Compute the equivalent units of production for materials using the FIFO method.
b)(Appendix 6A)Compute the equivalent units of production for conversion using the FIFO method.
c)Compute the equivalent units of production for materials using the weighted-average method.
d)Compute the equivalent units of production for conversion using the weighted-average method.

---

Definitions:

Regression Model

A statistical technique that models and analyzes the relationships between a dependent variable and one or more independent variables to predict outcomes.

Qualitative Independent Variable

A variable that categorizes or describes attributes or characteristics, typically non-numeric, influencing the dependent variable.

F-ratio

A statistical value used in the analysis of variance (ANOVA) to compare the variability among group means to the variability within groups.

Explanatory Variables

Variables in a statistical model that are used to explain variation in the outcome or response variable.