The Bottling Department of Mountain Springs Water Company had 5,400 liters in beginning work in process inventory (20% complete). During the period, 58,400 liters were completed. The ending work in process inventory was 2,700 liters (55% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? equivalent units

The Bottling Department of Mountain Springs Water Company had 5,400 liters in beginning work in process inventory (20% complete). During the period, 58,400 liters were completed. The ending work in process inventory was 2,700 liters (55% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? equivalent units

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6EA: There were 2,400 units in ending work in process inventory that were 100% complete with regard to...

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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: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
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