Use the following information to perform the calculations requested below, assuming that the FIFO costing approach to a process costing system is being used.
Beginning work in process inventory: 6,000 units, 100 percent complete as to direct materials, 75 percent complete as to conversion costs
Ending work in process inventory: 18,000 units, 100 percent complete as to direct materials, 65 percent complete as to conversion costs
Units started during the month: 44,000
a. Calculate units started and completed during the month.
b. Calculate units to be accounted for during the month.
c. Calculate equivalent units for conversion costs.
d. Calculate equivalent units for direct materials.
Definitions:
Unequal
Lacking equality in size, quantity, or degree; not evenly distributed or balanced.
Lorenz Curve
The Lorenz Curve is a graphical representation of the distribution of income or wealth within a society, indicating the degree of inequality.
Equitable
Fair and impartial treatment, especially in matters of distribution of wealth, opportunities, and privileges within a society.
45-degree Line
A line graphed in economics and finance representing places where two variables measured on the axes are equal in value.
Q32: The amount for cost of goods manufactured
Q63: The Chief Financial Officer (CFO) of your
Q82: Few actual production processes fit the definitions
Q83: Companies that produce custom-made products usually use
Q86: The projections of direct materials purchases
Q104: A framework for classifying value-adding and nonvalue-adding
Q110: In a just-in-time manufacturing environment, both push-through
Q121: Evaluating employees based upon their performance is
Q139: A manufacturer of audio equipment employing an
Q143: The high-low method allows you to differentiate