ABC Corporation has the following costs for July July 1, Beginning Work in Process Inventory (20,000...
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ABC Corporation has the following costs for July July 1, Beginning Work in Process Inventory (20,000 units); Direct Materials (65% complete) Conversion Costs (70% complete) $ Total WIP July 1 122,400 76,800 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 92,000 98,000 July 31, Ending Work in Process Inventory (14,000 units): Direct Materials (60% complete) Conversion (50% complete) Answer the following questions for July (1.6 points each): Part 1: Determine the number of units started and finished during July Part 2: Determine the costs transferred out to finished goods using FIFO Part 3: Determine the equivalent units for Conversion Costs using Weighted Average Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted Average Part 5: Determine the costs transferred out to finished goods during July using Weighted Average ABC Corporation has the following costs for July July 1, Beginning Work in Process Inventory (20,000 units); Direct Materials (65% complete) Conversion Costs (70% complete) $ Total WIP July 1 122,400 76,800 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 92,000 98,000 July 31, Ending Work in Process Inventory (14,000 units): Direct Materials (60% complete) Conversion (50% complete) Answer the following questions for July (1.6 points each): Part 1: Determine the number of units started and finished during July Part 2: Determine the costs transferred out to finished goods using FIFO Part 3: Determine the equivalent units for Conversion Costs using Weighted Average Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted Average Part 5: Determine the costs transferred out to finished goods during July using Weighted Average
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Part 1 Determine the number of units started and finished during July To determine the number of units started and finished during July we need to calculate the change in work in process WIP inventory ... View the full answer
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