Solved: Ending inventory materials are 20 percent complete, Accounting Basics

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Ending inventory materials are 20 percent complete

Question - Beginning inventory, 12,000 (50 percent complete with respect to materials and 30 percent complete with respect to conversion costs).

Transferred out, 63,000 gallons.

Ending inventory (materials are 20 percent complete; conversion costs are 10 percent complete).

Started this month, 72,000 gallons.

a) Compute the equivalent units for materials using FIFO.

b) Compute the equivalent units for conversion costs using FIFO.

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Accounting Basics: Ending inventory materials are 20 percent complete

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Accounting Basics: Ending inventory materials are 20 percent complete

Reference No:- TGS02825623

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