Marston Corporation uses the FIFO method in its process costing system. The equivalent units of production...
Marston Corporation uses the FIFO method in its process costing system. The equivalent units of production for March for conversion costs totaled 37,500 units. The beginning work in process inventory in March consisted of 15,000 units, 60% complete with respect to conversion costs. The ending work in process inventory in March consisted of 10,000 units, 75% complete with respect to conversion costs. The number of units started during the month was:
Multiple Choice
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41,500 units
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34,000 units
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25,000 units
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72,500 units
Homework Answers
Answer: 34,000 units
Explanation
Equivalent units of production = Complete Beginning work in process + Units started and completed + Ending work in process
37,500 units = (15,000 units x 40% complete ) + Units started and completed + (10,000 units × 75% complete)
37,500 units = 6,000 + Units started and completed+ 7,500
Units started and completed = 37,500 - 6,000 - 7,500
= 24,000 units
Therefore, Units started and completed = Units started – 10,000 units from ending inventory
24,000 units = Units started – 10,000 units
Units started = 24,000 units + 10,000 units
= 34,000 units
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