Everything Company manufactures a product that passes through two processes. The following information is available for the first department for August.
All materials are added at the beginning of the process.
Beginning Work-in-Process Inventory consisted of 20,000 units that were 80% complete with respect to conversion.
Ending Work-in-Process Inventory consisted of 15,000 units that were 40% complete with respect to conversion.
During the month, 90,000 units were started in process.
Required:
A. Prepare a physical flow schedule for the first department.
B. Compute equivalent units for the first department using the FIFO costing method.

Question

Quizplus · Accepted Answer

The Answer of Everything Company manufactures a product that passes through two processes. The following information is available for the first department for August.
All materials are added at the beginning of the process.
Beginning Work-in-Process Inventory consisted of 20,000 units that were 80% complete with respect to conversion.
Ending Work-in-Process Inventory consisted of 15,000 units that were 40% complete with respect to conversion.
During the month, 90,000 units were started in process.
Required:
A. Prepare a physical flow schedule for the first department.
B. Compute equivalent units for the first department using the FIFO costing method.

Everything Company Manufactures a Product That Passes Through Two Processes