Green Dragon Corporation had 5,000 units of beginning inventory in its Forming Department on July 1. The
Question:
Green Dragon Corporation had 5,000 units of beginning inventory in its Forming Department on July 1. The units were 100 percent complete with respect to direct materials requirements but only 30 percent complete with respect to conversion requirements. On July 31, the company had 4,000 units of inventory remaining in its Forming Department. These units were 100 percent complete with respect to their direct materials requirements but only 40 percent complete with respect to conversion. The Forming Department’s direct materials cost for July totaled $380,000, or $20 per equivalent unit consumed. Its conversion costs for July totaled $603,000, or $30 per equivalent unit.
Determine how many units were started and completed in the Forming Department during July.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello