During the month a company started 300,000 units of product in a particular manufacturing...
Question:
During the month a company started 300,000 units of product in a particular manufacturing process. The beginning work in process inventory was 50,000 units, and the ending inventory was 40,000 units. Direct materials are introduced at the start of processing, and beginning and ending inventories are considered to be 40 percent complete with respect to conversion costs. The FIFO costing method is used.
A. How many units were transferred out in the month
B. How many units were started and completed during the month?
C. What are the equivalent units with respect to direct materials at the end of the month?
D. What are the equivalent units with respect to conversion costs at the end of the month?
FIFO Costing Method of Calculating Equivalent Units:
The FIFO method in process costing assigns only the cost of the current period to the work done on the units in the current period. The equivalent units are calculated using the stage of completion of work-in-process units at the beginning and at the end of the period.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answer
A. The units were transferred out in the month were:
| Beginning Work-in-process units | 50,000 |
| Units started | 300,000 |
| Ending Work-in-process units | (40... |
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
FIFO Inventory Method of Finding Equivalent Units
from
Chapter 6 / Lesson 3
4.9K
The FIFO inventory method stands for First in First Out, where costs accrued first will be paid out before those acquired later. Learn how to identify equivalent units using this method, and how to develop a production cost report as well.
Related to this Question
- The assembly Department started the month, with 59.000 units in its beginning work in process inventory. An additional 274.000 units were started into production, during the month, to begin processing
- The Assembly Department started the month with 59,000 units in its beginning work in process inventory. An additional 274,000 units were started into production during the month to begin processing in
- A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the end of the month. Equivalent production for the month was 7,400 units, and pr
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $176 Units in beginning inventory 0 Units produced 12,900 Units sold 12,500 Units in ending inventory 400
- Staling Company had 240 units of product in its work in process inventory at the beginning of the period and started 1,600 additional units during the period. At the end of the period, 780 units were
- During April, Dep A started 400,000 units of product in a particular production process. The beginning work in process inventory was 40,000 units and the ending inventory was 50,000 units. Direct materials are introduced at the start of processing and beg
- Hamby Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,000 additional units during the period. At the end of the period, 750 units were in work in process inventory. The ending work in process
- The following data are available for a company's manufacturing activities: Beginning Work in Process inventory 5,000 units 75% completed as to direct labor Units started and completed 15,000 Ending Work in Process inventory 6,000 units 50% completed as to
- During March, Department A started 300,000 units of product in a particular production process. The beginning work in process inventory was 50,000 units, and the ending inventory was 40,000 units. Direct materials are introduced at the start of processing
- A firm had no work in process at the beginning of a month. It transferred 4,000 units to finished goods during the month, and 500 units were still in process at the end of the month. Equivalent production for the month was 4,400 units. At what stage of co
- A manufacturer begins the month with 4,000 completed units in finished goods inventory and ends the month with 7,000 units. During the month the company produced 27,000 finished units. How many units did the manufacturer sell during the month? a. 3,000.
- A process began the month with 3,000 units in the beginning work in process inventory and ended the month with 2,000 units in the ending work in process. If 12,000 units were completed and transferred out of the process during the month, how many units we
- A company's beginning work in process inventory consisted of 29,000 units that were 15% complete with respect to direct labor. These beginning units were completed and another 144,000 units were start
- A production department's output for the most recent month consisted of 10,000 units completed and transferred to the next stage of production and 7,000 units in ending Work in Process inventory. The units in ending Work in Process inventory were 50% comp
- A production department's output for the most recent month consisted of 10,000 units completed and transferred to the next stage of production and 10,000 units in ending work in process inventory. The units in ending work in process inventory were 50% com
- A company's beginning Work in Process Inventory, consisted of 28,000 units, that were 20% complete, with respect to direct labor. These beginning units were completed, and another 102,800 units were s
- A production department's output for the most recent month consisted of 20,000 units completed and transferred to the next stage of production and 20,000 units in ending goods in process inventory. The units in ending goods in process inventory were 70% c
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $111 Units in beginning inventory 0 Units produced
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $120 Units in beginning inventory 0 Units produced
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $138 Units in beginning inventory 0 Units produced
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units in beginning inventory 0 Units produced 4,250 Units sold 4,150 Units in ending inventory 100 Variable costs per un
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units in beginning inventory 0 Units produced 4,450 Units sold 4,350 Units in ending inventory 100 Variable costs per un
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $89; Units in beginning inventory 00; units produce
- A production department's output for the most recent month consisted of 8,000 units completed and transferred to the next stage of production and 5,000 units in ending work in process inventory. The units in ending work in process inventory were 50% compl
- A production department's output for the most recent month consisted of 8,100 units completed and transferred to the next stage of production and 5,100 units in ending Work in Process inventory. The units in ending Work in Process inventory were 60% compl
- A production department's output for the most recent month consisted of 8,500 units completed and transferred to the next stage of production and 5,500 units in ending work in process inventory. The units in ending work in process inventory were 50% compl
- A production department's output for the most recent month consisted of 9,900 units completed and transferred to the next stage of production and 6,900 units in ending Work in Process inventory. The units in ending Work in Process inventory were 50% compl
- Unit Manufacturing Company had no work in process at the beginning of a month. At the end of the month, 600 units were still in process at the end of the month, and were 40% complete. Equivalent produ
- In a company, one department had beginning work in process of 5,000 units, transferred out 15,000 units, and had an ending work in process of 2,500 units. How many units were started by the company during the month? A 7,500 B 12,500 C 17,500 D 20,000
- In a company, one department had beginning work in process of 5,000 units, transferred out 15,000 units, and had an ending work in process of 2,500 units. How many units were started by the company during the month? a. 7,500 b. 12,500 c. 17,500 d. 20,
- A company adds material at the start of production. The following production information is available for October: Beginning Work in Process Inventory (45% complete to conversion) 24,000 units Started this period 120,000 units Ending Work in Process Inve
- A manufacturing company provided the following information for the last month: Beginning work-in-process inventory $40,000 Ending work-in-process inventory 20,000 Beginning finished goods inventory 60,000 Ending finished goods inventory 30,000 Cost of goo
- Beginning inventory of goods in process was 1,000 units that were 30% complete as to labor and overhead and 5,050 units were started during the period. Ending goods in process were 250 units, each 80% complete as to labor and overhead. Using the Weighted
- A company uses the FIFO method for inventory costing. During a period, a production department had 20,000 units in beginning goods in process inventory which were 40% complete; the department completed and transferred 165,000 units. At the end of the per
- The Assembly Department started the month with 19,500 units in its beginning work in process inventory. An additional 285,000 units were transferred in from the prior department during the month to be
- The Assembly Department started the month with 18,000 units in its beginning work in process inventory. An additional 290,000 units were transferred in from the prior department during the month to be
- The Assembly Department started the month with 11,500 units in its beginning work in process inventory. An additional 295,500 units were transferred in from the prior department during the month to be
- 1. The Assembly Department started the month with 22,000 units in its beginning work in process inventory. An additional 295,000 units were transferred in from the prior department during the month to
- The Assembly Department started the month with 21,000 units In Its beginning work In process Inventory. An additional 284,500 units were transferred In from the prior department during the month to be
- The Assembly Department started the month with 16,000 units in its beginning work in process inventory. An additional 300,500 units were transferred in from the prior department during the month to be
- A company uses the FIFO method for inventory costing. At the beginning of a period, the production department had 48,000 units in beginning Work in Process inventory which were 36% complete; the department completed and transferred 171,000 units. At the e
- A company's beginning Work in Process inventory consisted of 20,000 units that were 20% complete with respect to direct labor. These beginning units were completed and another 90,000 units were starte
- A company uses the FIFO method for inventory costing. At the start of the period the production department had 50,000 units in beginning Work in Process inventory which were 35% complete; the department completed and transferred 170,000 units. At the end
- A company uses the FIFO method for inventory costing. During a period, a production department had 20,000 units in beginning goods in process inventory which were 40% complete; the department completed and transferred 165,000 units. At the end of the peri
- Zahn Industries uses process costing system. During October, the finishing department had 30,000 units in beginning work-in-process inventory and 45,000 units in ending work in process inventory. Duri
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units in beginning inventory 0, Units produced 4,750, Units sold 4,650, Units in ending inventory 100, Variable costs pe
- Esty Corporation uses the weighted-average method in Its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were:
- The Assembly Department started the month with 14,000 units in its beginning work in process inventory. An additional 296,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 1
- The Assembly Department started the month with 83,000 units in its beginning work in process inventory. An additional 334,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 3
- The Assembly Department started the month with 20,500 units in its beginning work in process inventory. An additional 281,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 4
- The Assembly Department started the month with 24,000 units in its beginning work in process inventory. An additional 309,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were
- The Assembly Department started the month with 14,500 units in its beginning work in process inventory. An additional 276,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 4
- The Assembly Department started the month with 21,500 units in its beginning Work in Process Inventory. An additional 292,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 4
- The Assembly Department started the month with 35,000 units in its beginning work in process inventory. An additional 472,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 3
- The Assembly Department started the month with 24,000 units in its beginning work in process inventory. An additional 309,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 2
- The Assembly Department started the month with 26,000 units in its beginning work in process inventory. An additional 311,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 3
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price 138 dollars, Units in beginning inventory 0, Units
- Data for a firm's first year of operation is given below. The firm uses direct costing: Units produced (no work in process) 6,000 Units sold 5,000 units in ending inventory of finished goods 1,000 Sales price for each unit $75 Variable manufacturing
- In November, one of the processing departments at Goodsell Corporation had beginning work in process inventory of $36,000 and ended work in process inventory of $35,000. During the month, $427,000 of costs were added to production and the cost of units tr
- Hardigan Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured $950,000 Beginning finished goods inventory $60,000 Ending won't in process inventory $70,000 Ending finish
- Pie Safe company's beginning work in process inventory included 10,000 units that are 20% complete with respect to direct labor costs. A total of 35,000 units are completed this month. There were 75,000 units in goods in process, one-third complete for di
- A Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 750 units. The costs and percentage completion of these units in beginning inventory were: Co
- 1. A production department's output for the most recent month consisted of 8,000 units completed and transferred to the next stage of production and 5,000 units in ending Work in Process inventory. T
- A production department's output for the most recent month consisted of 16,000 units completed and transferred to the next stage of production and 16,000 units in ending Work in Process inventory. The
- Hardigan Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured $980,000 Beginning finished goods inventory $50,000 Ending work in process inventory $70,000 Ending finished
- In the month of May, a department had no units in beginning work in process. During May, 80,000 units were started in the production department. At the end of May, there were 8,000 units in ending work in process that were 65% complete. Materials are adde
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $174 Units in beginning inventory 50 Units produced 7,000 Units sold 6,000 Units in ending invento
- A company had beginning work in process inventory of 10,000 units (50% complete for conversion costs). All materials are added at the beginning of the process. The company completed 150,000 units and the ending work in process consisted of 20,000 units (4
- A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price$157 Units in beginning inventory200 Units produced7
- Use the following data: Beginning inventory of finished goods 0 Units produced (no work in process) 22,000 Units sold 18,000 Units in ending inventory of finished goods 4,000 Sales price $55 per unit Variable manufacturing costs $25 per unit manufactured
- The production department of a process operations system completed and transferred finished goods. 18,000 units were in process at the beginning of April and 90,000 units were started and completed in April. April's beginning inventory units were 100% com
- In February, one of the processing departments at Manger Corporation had beginning work in process inventory of $25,000 and ending work in process inventory of $34,000. During the month, $290,000 of costs were added to production and the cost of units tra
- In July, one of the processing departments at Wrightsel Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $17,000. During the month, $227,000 of costs were added to production and the cost of units tran
- The Ragan Corporation u|es a process cost system. The company started March with 2,300 units in Work in Process Dept. A. During the month 4,000 units were started. At the end of the month, there were 3,200 units in ending Work in Process Dept. A inventory
- Laflin Manufacturing Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw mat
- In April, one of the processing departments at Terada Corporation had beginning work in process inventory of $21,000 and ending work in process inventory of $27,000. During the month, $244,000 of costs were added to production and the cost of units transf
- Beginning Work in Process Inventory (45% complete as to conversion) 10,000 units Started this period 120,000 units Ending Work in Process Inventory (80% complete as to conversion) 8,200 units Beginnin
- A company uses the weighted-average method for inventory costing. During a period, a production department had 20,000 units in beginning goods in process inventory which were 40% complete; the department completed and transferred 165,000 units. At the end
- In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $26,000. During the month, $200,000 of costs were added to production and the cost of units transfe
- #1: Train Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 10,000 units were started, and 5,000 units completed. Ending work in process is 60
- At the beginning of the month, the Forming Department of Martin Manufacturing had 23,000 units in Inventory, 40% complete as to materials, and 20% complete as to conversion. During the month the department started 73,000 units and transferred 81,500 units
- Train Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 10,000 units were started and 5,000 units were completed. Ending work in process is 60% complete. What is the cost per equivalent unit of con
- At the beginning of the month, the Forming Department of Martin Manufacturing had 29,000 units in inventory, 40% complete as to materials, and 15% complete as to conversion. During the month the department started 98,000 units and transferred 100,000 unit
- During the month, a company with no departmentalization incurred costs of $45,000 for materials, 36,000 for labor, and 22,500 for factory overhead. There were no units in process at the beginning or at the end of the month, and 20,000 units were completed
- Train Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 27,700 units were started, and 12,000 units completed. The ending work in process is 70% complete. The equivalent units for materials are: a.
- Bosril Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory wer
- Train Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 10,000 units were started, and 5,000 units completed. Ending work in process is 60% co
- During one month, 3,000 units of a product were completed and 800 units were 20% complete and still in process. The equivalent production for the month is: a) 3,800 units b) 4,000 units c) 3,040 units d) 3,160 units
- During one month, 3,000 units of a product were completed and 800 units were 20 percent complete and still in process. The equivalent production for the month is a. 3,800 units b. 4,000 units c. 3,
- The assembly department has the following production data for the current month. Materials are entered at the beginning of the process. The ending work in process units are 70% complete as to conversi
- Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,200 units. The costs and percentage completion of these units in beginning inventory we
- The following quarterly cost data have been accumulated for Oakeson Mfg. Inc: Raw materials beginning inventory (Jan. 1, 2008) 90 units @ $7.00 Purchases 75 units @ $8.00 120 units @ $8.50 Transferred 195 units of raw materials to work in process: Work i
- A company's beginning Work in Process inventory consisted of 27,000 units that were 90% complete with respect to direct labor. A total of 97,000 were finished during the period and 32,000 remaining in Work in Process inventory were 40% complete with respe
- A process with no beginning work in process, completed and transferred out 75,000 units during a period and had 50,000 units in the ending work in process inventory that were 30% complete. The equivalent units of production for the period were: a. 75,000
- A process with no beginning work in process, completed and transferred out 65,000 units during a period and had 50,000 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period were: a. 80,000
- The cost of the partially completed goods at the end of the period would be: a. beginning work in process inventory. b. cost of goods manufactured. c. ending work in process inventory. d. ending finished goods inventory.
- A company uses the FIFO method for inventory costing. At the start of the period the production department had 36,000 units in beginning Work in Process inventory which was 48% complete; the departmen
- A company's beginning Work in Process inventory consisted of 26,000 units that were 80% complete with respect to direct labor. A total of 96,000 were finished during the period and 31,000 remaining in Work in Process inventory were 50% complete with respe
- A company's beginning Work in Process inventory consisted of 21,000 units that were 90% complete with respect to direct labor. A total of 91,000 were finished during the period and 26,000 remaining in Work in Process inventory were 40% complete with respe
- Thin Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 10,000 units were started, and 5,000 units were completed. Ending work in process is 60% complete. The cost per equivalent unit of conversion
Explore our homework questions and answers library
Browse
by subject