Question: I'M POSTING THE FULL QUESTION BUT I ONLY NEED 4 ANSWERED The first production department in a process manufacturing system reports the following unit data
I'M POSTING THE FULL QUESTION BUT I ONLY NEED 4 ANSWERED
The first production department in a process manufacturing system reports the following unit data
Beginning work in process inventory - 24,000 units
Units started and completed - 56,000 units
Units completed and transferred out - 80,000 units
Ending work in process inventory - 16,000 units
Compute this production departments equivalent units of production for direct materials under each of the following three separate assumptions using the FIFO method
1. All direct materials are added to products when processing begins
2. Beginning inventory is 40% complete as to direct materials costs. Ending inventory is 75% complete as to direct materials costs
3. Beginning inventory is 60% complete as to direct materials costs. Ending inventory is 30% complete as to direct materials costs
4. Complete the journal entries to show the movement of Direct Materials, Direct Labor, Factory overhead, and finished goods
Please answer all parts for positive feedback :)
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