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sineoko [7]
3 years ago
13

The Finishing Department had 5,000 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to ma

terials and 30% complete as to conversion costs. 15,000 units were received from the previous department. The ending Work-in-Process Inventory consisted of 2,000 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing. "How many units were transferred-out during the period
Business
1 answer:
umka21 [38]3 years ago
6 0

Answer:

Physical Flow units 12000

Equivalent Units Materials 11000

Equivalent units Conversion 15000

Explanation:

The Finishing Department

First-in, First-out (FIFO) Process Costing

Equivalent Units

Particulars         Units         % of Completion                    Equivalent Units

                                            Materials    Conversion        Materials Conversion

Units Received  15000         100         100                       15000      15000

+Ending WIP        2000           50          30                         1000         600

<u>Less Beg. Inv     5000             100         30                        5000        600</u>

<u>Total units         12000                                                     11000           15000</u>

The units started and completed are transferred out units. The Beginning Work in Process is deducted to ensure first in first out. The units moved first in are transferred out first.

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Explanation:
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2 years ago
Nursing faculty at Walnut Valley Community College must possess a​ master's degree in nursing from a regionally accredited colle
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Job Specification

Explanation:

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I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
On January 1, 2018, Jolley Corp. paid $250,000 for 25% of the voting common stock of Tige Co. On that date, the book value of Ti
shusha [124]

Answer:

            Dr. Investments in Associates 250,000

            Cr.            Cash                                 500,000

          Dr. Cash                                   10,000

          Cr.            Investments in Associates 10,000

          Dr. Investments in Associates 50,000

          Cr.     Investment revenue                    50,000

Explanation:

The equity method is a type of accounting used to incorporate investments. It is used when the investor holds significant influence over the investee but does not exercise full control over it.

An investor is deemed to have significant influence over an investee if it owns between 20% to 50% of the investee’s shares or voting rights.

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- Jolley records the net income from Tige Co. as an increase to its Investment account.

4 0
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Answer:

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