Question

The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017 (Click the icon to view the data.) Requirent Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule Enter ysical units in first, then calculate the equivalent units Equivalent Units Physical Conversion Direct Flow of Production Units Costs Materials in process, beginning Wo Started during current period To account for Completed and transferred out during current period From beginning work in proces Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Enter any number in the edit fields and then continue to the next question.

Answer 1

Solution

		Equivalent units
Flow of Production	Physical units	Direct material	Conversion costs
Work in process, Beginning	100
Started during current period	510
Total accounted for	610
Completed and transferred out during current period
From beginning work in process	100	20	65
Started and completed	350	350	350
Work in process, ending	160	128	64
Accounted for	610
Equivalent units of work in done in current period		498	479

Working

STEP 1 (FIFO)
Reconciliation of Units
	Units	% already completed		% completed this period
		Material	Conversion cost	Material	Conversion cost
Beginning WIP	100	80%	35%	20%	65%
Units introduced	510
Total units to be accounted for	610
Completed and Transferred unit	450	0%	0%	100%	100%
Ending WIP	160	0%	0%	80%	40%

.

STEP 2 (FIFO)
Equivalent Units
	Total Units	Material		Conversion cost
Units Transferred:		% completed this period	Equivalent Units	% completed this period	Equivalent Units
From WIP	100	20%	20	65%	65
From units started/Introduced	350	100%	350	100%	350
Total	450		370		415
	Total Units	Material		Conversion cost
Ending WIP		% completed this period	Equivalent Units	% completed this period	Equivalent Units
Total	160	80%	128	40%	64
Total EUP	610		498		479