Use the Following Information to Perform the Calculations Requested Below,assuming

question 119

Essay

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.

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Definitions:

Total Revenue

Total Revenue is the entire amount of money earned by a firm from the sale of its goods or services before any costs or expenses are deducted.

Purely Competitive Firm

A business that operates in a market where there are many sellers and buyers, the product is homogeneous, and there is free entry and exit from the market.

Units of Output

The quantity of goods or services produced by a company, industry, or economy within a specific period.

Marginal Revenues

The extra earnings accrued by selling an additional unit of a good or service.