Equivalent Units of Conversion Costs
The Filling Department of Eve Cosmetics Company had 3,700 ounces in beginning work in process inventory (40% complete). During the period, 41,100 ounces were completed. The ending work in process inventory was 3,700 ounces (90% complete). What are the total equivalent units for conversion costs? If required, round to the nearest unit.
Method to be used is not provided so i will solve answer with both methods. First answer by Weighted average and then by FIFO
Equivalent Units = 44,430
Working
Statement of Equivalent Units(Weighted average) | |||||||
Conversion cost | |||||||
Units | Complete % | Equivalent units | |||||
Transferred | 41,100 | 100% | 41,100 | ||||
Closing WIP | 3,700 | 90% | 3,330 | ||||
Total | 44,800 | Total | 44,430 |
Answer by FIFO
Equivalent units = 42,950
Working
STEP 1 (FIFO) | |||||
Reconciliation of Units | |||||
Units | % already completed | % completed this period | |||
Conversion cost | Conversion cost | ||||
Beginning WIP | 3,700 | 40% | 60% | ||
Units introduced | 41,100 | ||||
Total units to be accounted for | 44,800 | ||||
Completed and Transferred unit | 41,100 | 0% | 100% | ||
Ending WIP | 3,700 | 0% | 90% |
.
STEP 2 (FIFO) | |||||
Equivalent Units | |||||
Total Units | Conversion cost | ||||
Units Transferred: | % completed this period | Equivalent Units | |||
From WIP | 3,700 | 60% | 2,220 | ||
From units started/Introduced | 37,400 | 100% | 37,400 | ||
Total | 41,100 | 39,620 | |||
Total Units | Conversion cost | ||||
Ending WIP | % completed this period | Equivalent Units | |||
Total | 3,700 | 90% | 3,330 | ||
Total EUP | 44,800 | 42,950 |
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