Pierce & Company provides the following information concerning the work in process at its plant: •...

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Pierce & Company provides the following information concerning the work in process at its plant: • Beginning inventory was pa

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Answer 1

Answer #1

Equivalent units under FIFO = Equivalent units in process at the beginning of period + Units that are started and completed during the period + Equivalent units in process at the end of period.

Beginning inventory + Started this month - Transferred out = Ending inventory

Beginning inventory + 60,400 - 50,400 = 19,900

Beginning inventory = 9,900

a. Equivalent units for materials = [9,900 * (1-100%)] + (50,400 - 9,900) + (19,900 * 100%)

= 60,400

b. Equivalent units for conversion costs = [9,900 * (1-59%)] + (50,400 - 9,900) + (19,900 * 15%)

= 4,059 + 40,500 + 2,985

= 47,544

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Answer 2

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