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

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Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Pr

business accounting

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Answer 1

Answer #1

Solution 1:

Holly Company
Computation of Equivalent unit of Production (Weighted average)
Particulars	Physical Units	Material	Conversion
Units to account for:
Beginning WIP	260
Started into Production	960
Total units to account for	1220
Units accounted for:
Unit completed & Transferred out	860	860	860
Units in ending inventory:	360
Material (100%)		360
Conversion (40%)			144

Equivalent units of production	1220	1220	1004

Holly Company
Computation of Equivalent unit (FIFO)
Particulars	Physical units	Material	Conversion
Units to be accounted for:
Beginning WIP Inventory	260
Units started this period	960
Total unit to be accounted for	1220
Units Accounted for:
Units completed and transferred out
From beginning inventory Material - 0% Conversion - 80%	260	0	208
Started and completed currently	600	600	600
Transferred to finished goods	860	600	808
Units in ending WIP Material - 100% Conversion - 40%	360	360	144
Total units accounted for	1220	960	952

Solution 2:

Based on the information given, company is using weighted average method

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Answer 2

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