Greenfields productions manufacture thousands of electric-powered lawn mowers.To cost their products,they use the FIFO method of process costing.The following information was available for the current year:
$\begin{array}{lcc}
& \text {Number } & \text {Production } \
&\underline{ \text {of units } } &\underline{\text { costs }}\
\text { Beginning work-in-process ( $ 20 \% $ complete) } &20000&\$15000\
\text { Goods completed in the period } &150000&280000\
\text { Ending work-in-process ( $ 30 \% $ complete) } &10000\
\end{array}$

Required:
A. How many total equivalent units were completed during the year?
B. What was the cost per equivalent unit?
C. What is the cost allocated to the ending work-in-pracess units?
D. What is cost of goods manufactured for the year?

Question

Greenfields productions manufacture thousands of electric-powered lawn mowers.To cost their products,they use the FIFO method of process costing.The following information was available for the current year:
$\begin{array}{lcc}
& \text {Number } & \text {Production   } \
&\underline{ \text {of units  } } &\underline{\text { costs }}\
  \text { Beginning work-in-process ( $ 20 \% $ complete) } &20000&\$15000\
 \text { Goods completed in the period  } &150000&280000\
 \text {  Ending work-in-process ( $ 30 \% $ complete) } &10000\
\end{array}$
 
Required:
A. How many total equivalent units were completed during the year?
B. What was the cost per equivalent unit?
C. What is the cost allocated to the ending work-in-pracess units?
D. What is cost of goods manufactured for the year?

Quizplus · Accepted Answer

The Answer of Greenfields productions manufacture thousands of electric-powered lawn mowers.To cost their products,they use the FIFO method of process costing.The following information was available for the current year:
$\begin{array}{lcc}
& \text {Number } & \text {Production   } \
&\underline{ \text {of units  } } &\underline{\text { costs }}\
  \text { Beginning work-in-process ( $ 20 \% $ complete) } &20000&\$15000\
 \text { Goods completed in the period  } &150000&280000\
 \text {  Ending work-in-process ( $ 30 \% $ complete) } &10000\
\end{array}$
 
Required:
A. How many total equivalent units were completed during the year?
B. What was the cost per equivalent unit?
C. What is the cost allocated to the ending work-in-pracess units?
D. What is cost of goods manufactured for the year?

Greenfields Productions Manufacture Thousands of Electric-Powered Lawn Mowers Required: A

Greenfields Productions Manufacture Thousands of Electric-Powered Lawn Mowers Required:
A