Question: 1) Beginning Inventory: 1000 units, 75% complete Started: 30,000 units Finished: 29,000 units Ending Inventory:5000 units, 25% complete Required: Based on the above data, compute

1) Beginning Inventory: 1000 units, 75% complete

Started: 30,000 units

Finished: 29,000 units

Ending Inventory:5000 units, 25% complete

Required: Based on the above data, compute equivalent units for both materials and conversion costs using FIFO costing. Assume that all materials are added at beginning of process and conversion costs are evenly applied.

2) Beginning Inventory: 5000 units, 20% complete

Started: 35,000 units

Finished: 34,000 units

Ending Inventory: 1000 units, 40% complete

Required: Based on the above data, compute equivalent units for both materials and conversion costs using FIFO costing. Assume that all materials are added at end of process and conversion costs are evenly applied.

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