The information below was obtained from the records of one of the departments of Cushing Corporation...

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The information below was obtained from the records of one of the departments of Cushing Corporation...

The information below was obtained from the records of one of the departments of Cushing Corporation for the month of August. The company uses the first-in, first-out method in its process costing system.

	Units	Percent Complete Labor and Overhead
Work in process, August 1	12,800	25%
Units completed and transferred out	89,000
Work in process, August 31	21,400	50%

All materials are added at the beginning of the process.

The equivalent units for materials for the month of August are:

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Answer 1

Answer #1

Solution:

97,600

Explanation:

EUP - FIFO method	Units	% Materials	EUP Materials
Units of Ending WIP	21,400	100%	21,400
Units started and completed	76200 (89000 - 12800)	100%	76,200
Units of beginning WIP	12,800	0%	0
Equivalent units of production			97,600 (21400 + 76200)

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Answer 2

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The information below was obtained from the records of one of the departments of Cushing Corporation...

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