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Veseljchak [2.6K]
3 years ago
5

g Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding

Department: Units: Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 110,000. Units completed and transferred out: 135,000. Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $43,000. Costs in beginning Work in Process - Conversion: $48,850. Costs incurred in February - Direct Materials: $287,000. Costs incurred in February - Conversion: $599,150. Calculate the equivalent units of materials.
Business
1 answer:
FromTheMoon [43]3 years ago
5 0

Answer:

Total equivalent unit of material =   140,000 units

Explanation:

<em>Equivalent units are used to apportion cost between completed units and work in progress. They represent notional whole units which represent incomplete work. </em>

<em>Under the first in first method , to account for completed units during a production period the opening inventory units are assumed to completed first before newly the newly introduced units.</em>

<em>So we can work out the equivalents units as follows:</em>

<em>Fully worked units :These represent units started this period of production and completed in the same period. This is given as 110,000 units</em>

Equivalent units (EU)

<em>Item                           unit          Workings               EU</em>

Opening inventory     25,000     0% × 25,000     =   0

Fully worked            110,000    100% × 110,000 =   110,000

Closing inventory    30,000      100%× 30,000 =   <u>30,000</u>

Total equivalent unit of material                           <u>140,000</u>

<u />

<em>Note that for the opening inventory already 100% material work has been done the preceding period , so there wont be any work left to be done in respect of materials.</em>

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Explanation:

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When the bonds are converted, we will write-off these account against common stock and additional paid-in

To wirte-off the account we need to post them in the other side so we got:

Bonds payable debit 150,000 debit

       Discount on bonds         15,000 credit

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These makes option C correct

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3 years ago
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  • Facts of the case: Sean, 17, a snowboarder, signs a long-term endorsement agreement for sportswear. At age 19, he wants to void the agreement by claiming that he lacked capacity when he signed the deal at 17.
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a. 3,760

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1               3,500         0.15        525

2              3,800         0.20        760

3              3,500         0.25        875

4              4,000         0.40        1,600

Total                                          3,760                      

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