Solis Company uses the FIFO method to compute equivalent units. It has 6,000 units in beginning...

Question

Question

Solis Company uses the FIFO method to compute equivalent units. It has 6,000 units in beginning work in process, 40% complete

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Equivalent units as per conversion :

Beginning Inventory Completed = 6,000 x 60% = 3,600

Units introduced and completed in current month = (64,000 - 6,000) x 100% = 60,000

Ending Inventory = 4,000 x 30% = 1,200

Equivalent units for Conversion Costs as per FIFO method = 3,600 + 60,000 + 1,200 = 64,800

Ans : 64,800

For any queries please comment

If you are satisfied with the solution, please click the LIKE THUMB.

Add a comment

Answer 2

Similar Homework Help Questions

Solis Company uses the FIFO method to compute equivalent units. It has 6,000 units in beginning...

Solis Company uses the FIFO method to compute equivalent units. It has 6,000 units in beginning work in process, 40% complete as to conversion costs and 80% completo as to materials costs, 64,000 units started, and 4,000 units in ending work in process, 30% complete as to conversion costs, and 80% complete as to materials cost. How much are the equivalent units for conversion costs under the FIFO method? 64.000 64.800 62,000 68,000 Solis Company uses the FIFO method to...
FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through...

FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for: Units,...
FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through...

FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for: Units,...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. Started in process, 95,000 units. Required: 1....
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the...

FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs Units started and completed 28,000 28,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 40% — 4,000 Units, ending work in process: 6,000 × 100% 6,000 — 6,000 × 75% — 4,500 Equivalent...
Equivalent Units calculations-FIFO Method The following selected operating data are for Jackson Company's Blending Department for...

Equivalent Units calculations-FIFO Method The following selected operating data are for Jackson Company's Blending Department for the month of April 2019. Tinting and packaging operations are carried out subsequently in other departments Beginning inventory N complete 4.000 V 56000 UN Started and cord Linding inventory 000 to complete Calculate the equivalent units accomplished using the FIFO method, assuming that the materials are added at the beginning of the process and conversion costs are incurred every throughout Equivalent Units Direct Work...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 81,400 units, 30 percent complete with respect to conversion costs. Ending work in process had 12,100 units, 25 percent complete with respect to conversion costs. Started in process, 110,000 units. Required: 1....
Exercise 3.19 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1, 5)

Exercise 3.19 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Conlon Chemicals manufactures paint thinner Information on the work in process follows: • Beginning inventory. 42.000 partially complete gallons • Transferred out, 207000 gallons • Ending Inventory materials are 19 percent complete conversion costs are 8 percent complete • Started this month. 241.000 gallons. Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs Required a Compute the equivalent units for materials using FIFO b. Compute the...
Exercise 4A-9 Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method [LO4-6, LO4-7, LO4-8] Jarvene Corporation...

Exercise 4A-9 Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method [LO4-6, LO4-7, LO4-8] Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments: Units in beginning inventory 430 Units started into production 4,330 Units in ending inventory 270 Units transferred to the next department 4,490 Materials Conversion Percentage completion of beginning inventory 60 % 40 % Percentage completion of ending...

Exercise 5S-9 Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method [LO5S-6, LO5S-7, LO5S-8] Jarvene Corporation...

Exercise 5S-9 Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method [LO5S-6, LO5S-7, LO5S-8] Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments: Units in beginning inventory 410 Units started into production 4,280 Units in ending inventory 290 Units transferred to the next department 4,400 Materials Conversion Percentage completion of beginning inventory 70 % 30 % Percentage completion of ending...

Solis Company uses the FIFO method to compute equivalent units. It has 6,000 units in beginning...

Homework Answers