Question: SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-4] [The following information applies to

SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-4] [The following information applies to the questions displayed below.] Silver Company manufactures kites and has the following information available for the month of April: Work in process, April 1 (100% complete for materials, 40% for conversion) Direct materials Conversion cost Number of units started April costs Direct materials Conversion cost Work in process, April 30 (100% complete for materials, 20% for conversion) 59,000 units $ 87,000 $ 117,000 165,000 units $ 233,000 $ 343,000 83,500 units E3-8 (Algo) FIFO [LO 3-4] Required: Using the FIFO method, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To solve the problem we will use the FIFO FirstIn FirstOut method Heres the stepbystep solution Step 1 Reconcile the number of physical units worked on during the period The total units to account for ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

What is the purpose of an income statement? What information does it provide? Identify at least one type of stakeholder that would be interested in the information on a companys income statement.

SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-4] Skip to question [The following information applies to the questions displayed...

ust For Lesson 2 Online. Dashboard Three Assignment i Saved Help Save & Exit Submit 3 Check my work 2 Required information SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit,...

Handbook : https://www.hussmanautism.org/wp-content/uploads/pdf/PresumeCompetence_HussmanInstitute.pdf While the handbook covered an overview of positive behavior support at the individual level,...

Describe the major sections of a research report used in counseling research. What is the core content included in each section of the report? Distinguish between writing for research purposes versus...

Required information SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-3, 3-S1) [The following information applies to the questions...

Required information SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-4] [The following information applies to the questions...

how to compute on spss Use an o-level of .0S and a two-tailed test for questions 1 to 4. Compute a t test statistic only (no Mann-Whitney U) for problem 5, which may take a little extra thought

The photo posted already have the correct answers for that part. I need help with the others. This Using the FIFO method btw. ! Required information SB (Algo) Calculating Equivalent Units, Cost per...

Construct a scatter plot for the following two numerical variables. x ............ y 12 ............ 5 17 ............ 3 9 ............ 10 6 ............ 15 10 ............ 8 14 ............ 9 8...

The following information is available for Aikman Company. January 1, 2020 2020 Raw materials inventory $24,180 Work in process inventory 17,260 Finished goods inventory 28,890 $153,550 Materials...

15. De las siguientes preguntas de control interno cul no aplica al rubro de caja y bancos R. a. Quin es el jefe inmediato del gerente de finanzas? b. Quines estn autorizados para firmar cheques? c....

Love Company's accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018. During the 2018 accounting cycle, Love earned $19,400 of revenue,...

Herbert was employed for the first six months of 2016 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal...

You are given the following post-closing trial balance for the Special Assessment Capital Projects Fund of the city of Stone Creek Bank as of January 1, 2018. The project was started last year and...

Required Identify each of the following events as an accrual, a deferral, or neither: a. Paid cash in advance for a one-year insurance policy. b. Paid cash to settle an account payable. c. Collected...

On April 1, 2018, Maine Corporation paid $18,000 cash in advance for a one-year lease on an office building. Assume that Maine records the prepaid rent as an asset and that the books are closed on...

Design a minimum-mass symmetric three-bar truss (the area of member 1 and that of member 3 are the same) to support a load P, as was shown in Fig. 2.9. The following notation may be used: Pu = P cos...

10. Huileac imports olive oil from Chilean firms, and the invoices are always denominated in pesos (Ch$). It currently has a payable in the amount of Ch$250 million that it would like to hedge....

9. Gulf Air is trying to decide how to go about hedging SFr70 million in ticket sales receivable in 180 days. Suppose it faces the following exchange and interest rates. Spot rate: $0.643342/SFr...

8. Copares, a Eurozone-based firm, has just invested 500,000 in a note that will come due in 90 days and is yielding 9.5% annualized. The current spot value of the British pound is 1.5617, and the...