ZuoTi.Pro
Question

The Miracle Company had 36,000 units in process on December 31, 2020 which was 80% complete...

The Miracle Company had 36,000 units in process on December 31, 2020 which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 56,000 units were transferred to the Finished Goods Inventory during January 2021. On January 31, 2021, 31,000 units were on hand which were 20% complete as to conversion costs and 70% complete as to materials. What are the equivalent units of production (EUPs) for the conversion costs in January, assuming Miracle uses first-in, first-out (FIFO)?

Multiple Choice

  • 59,600 EUPs

  • 52,800 EUPs

  • 47,800 EUPs

  • 67,000 EUPs

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

answer:47800EUPs

Explanation:

   Given unit completed and transferred to finished goods inventory=56000

   Ending inventory= 31000

   EQUIVALENT UNIT OF PRODUCTION FOR CONVERSION COST ONLY (FIFO METHOD)

   UNITS completed and transferred to finished goods

   Beginning inventory= 36000×60%completion = 21600units

   Units transferred = 56000-36000×100%completion= 20000units

  ENDING INVENTORY

   31000× 20%= 6200

Therefore total no of equivalent units of production for conversion cost under fifo method

= 21600units +20000units +6200units = 47800EUPs

ALL THE BEST

PLEASE DO SUPPORT US

ANY DOUBT PLEASE COMMENT BELOW

Thank you

1 0
Add a comment
Know the answer?
Add Answer to:
The Miracle Company had 36,000 units in process on December 31, 2020 which was 80% complete...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The Townson Manufacturing Company has gathered the following information for the month of September: 11,100 units...

    The Townson Manufacturing Company has gathered the following information for the month of September: 11,100 units in the beginning Work-in-Process Inventory (80% complete as to materials, 1/3 complete with respect to the conversion costs). 77,000 units were started into production. 67,000 units were completed and transferred to the next department. The ending Work-in-Process Inventory is complete as to materials but only 3/8 complete with respect to conversion costs. What are the equivalent units of production (EUPs) for materials in the...

  • Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 36,000 partially...

    Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 36,000 partially complete gallons. Transferred out, 206,000 gallons. Ending inventory (materials are 21 percent complete; conversion costs are 12 percent complete). Started this month, 240,000 gallons. Assume that beginning inventory is 50 percent complete with respect to materials and 31 percent complete with respect to conversion costs. Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using...

  • The Finishing Department had 6,900 incomplete units in its beginning Work-in-Process Inventory which were 100% complete...

    The Finishing Department had 6,900 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 18,800 units were received from the previous department. The ending Work-in-Process Inventory consisted of 3,900 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first in, first-out (FIFO) process costing 0.25 What are the equivalent units of production for the conversion costs during the...

  • Chicotti Company has 6,000 units in beginning work in process, 60% complete as to conversion costs,...

    Chicotti Company has 6,000 units in beginning work in process, 60% complete as to conversion costs, 75,000 units transferred out to finished goods, and 2,000 units in ending work in process 20% complete as to conversion costs. The beginning and ending inventory is fully complete as to materials costs. How much are equivalent units for conversion costs if the FIFO method is used?

  • Sierra Co. has provided the following information: 25,200 units $ 36,000 $ 24,900 81,000 units Work...

    Sierra Co. has provided the following information: 25,200 units $ 36,000 $ 24,900 81,000 units Work in Process: Feb 1 (100% complete for materials, 60% complete for conversion) Materials Conversion Units started February costs Materials Conversion Work in Process: Feb 28 (100% complete for materials, 20% complete for conversion) $123,000 $ 246,000 15,600 units Using the weighted average method of process costing, complete each of the following: a. How many units were completed and transferred to Finished Goods? Units completed...

  • The Converting Department of Hopkinsville Company had 880 units in work in process at the beginning of the period, which...

    The Converting Department of Hopkinsville Company had 880 units in work in process at the beginning of the period, which were 30% complete. During the period, 18,400 units were completed and transferred to the Packing Department. There were 1,000 units in process at the end of the period, which were 75% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....

  • Holly Company has the following information for December 1 to December 31. All direct materials are...

    Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Process Completed 860 units and transferred to finished $32,500 goods inventory 70,200 44,200 $141,040 Beginning balance December 260 units, 20% complete for conversion Direct materials Direct labor Factory overhead Property taxes Depreciation Utilities Indirect labor Ending balance December 31, 360 units, 408 complete 7,200 35,000 19,200 5,200 37,080 Required: 1. Calculate equivalent units using the weighted average and FIFO methods. Equivalent Units...

  • Haberdashery Company has a beginning Work-in-Process Inventory of 38,000 units (30% complete). During the period, 123,000...

    Haberdashery Company has a beginning Work-in-Process Inventory of 38,000 units (30% complete). During the period, 123,000 units were started and the ending Work-in-Process Inventory consisted of 33,000 units (90% complete). What are the equivalent units for conversion costs using weighted-average process costing? Multiple Choice 123,000 EUPs 128,000 EUPs 157,700 EUPs 146,300 EUPs

  • The Converting Department of Hopkinsville Company had 1,000 units in work in process at the beginning...

    The Converting Department of Hopkinsville Company had 1,000 units in work in process at the beginning of the period, which were 70% complete. During the period, 20,800 units were completed and transferred to the Packing Department. There were 1,120 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....

  • The Converting Department of Hopkinsville Company had 560 units in work in process at the beginning...

    The Converting Department of Hopkinsville Company had 560 units in work in process at the beginning of the period, which were 70% complete. During the period, 11,600 units were completed and transferred to the Packing Department. There were 640 units in process at the end of the period, which were 40% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT