Equivalent units of production for materials


Problem: A company uses a process costing system to manufacture it’s goods.  The following information pertains to operations for the menthe of May 2004:

Beginning work in process, May 1               16,000 units
Started in production during May               100,000 units
Completed production during May               92,000 units
Ending work in process inventory, May 31    24,000 units

The beginning inventory was 60% complete for materials and 20% complete for conversion costs.  The ending inventory was 90% complete for materials and 40% complete for conversion costs.

Costs pertaining to the month of May are:

Beginning inventory costs

Materials                54,560
Direct labor            20,320
Factory overhead    15,240

Costs incurred during May

Materials used        468,000
Direct labor            182,880   
Factory Overhead    391,160

Using FIFO, the equivalent units of production for materials are??

Using FIFO, the equivalent units of production for conversion costs are??

Using FIFO, the equivalent unit cost of materials for May is??

Using FIFO, the equivalent unit conversion cost for May is??

Using FIFO, the total cost of the units in the ending work in process inventory on May 31, is??

Using the weighted average method, the equivalent unit cost of materials for May is??

Using the weighted average method, the equivalent unit conversion cost for May is??

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Accounting Basics: Equivalent units of production for materials
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