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Use the following information to perform the calculations requested below,assuming that the average costing approach to a process costing system is being used.
Beginning work in process inventory: 7,000 units,100 percent complete as to direct materials,65 percent complete as to conversion costs
Ending work in process inventory: 22,500 units,100 percent complete as to direct materials,75 percent complete as to conversion costs
Units started during the month: 46,000
a.Calculate units completed and transferred out 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.
Pairs
Two things that are designed to be used together or are similar in nature, often considered as a unit.
Demand Function
A mathematical equation that describes the quantity of a good or service demanded at various prices.
Consumer's Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.
Mead
An alcoholic beverage created by fermenting honey with water, sometimes with various fruits, spices, grains, or hops included.
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