Question

Help Save & Exit Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department لا 02-1901 Units: Beginning Inventory. 83,000 units, 70% complete as to materials and 25% complete as to conversion Units started and completed: 253,000 Units completed and transferred out 336,000. Ending Inventory: 31,500 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200 Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: 5646,800. Costs incurred in October - Conversion: $919,300. Calculate the equivalent units of conversion. Terences Multiple Choice 253.000 w < Prev 3 of 50 Next > here to search OR a

Answer 1

Answer: 318400 units

Workings:

Statement of equivalent production				Degree of completion
				Conversion
Particulars	Units	Particulars	Units	%	Units
Opening WIP	83000	Transfer to next process:
Material Introduced	284500	From O/p WIP	83000	75%	62250
		From Current Intro	253000	100%	253000
		Closing WIP	31500	10%	3150
	367500		367500		318400