Business, 03.03.2020 01:25 arlettg

In Class Exercise: Marshall Company uses the FIFO process costing in accounting for its production activities. Materials are added at the beginning of the process (i. e., 100% completed) and conversion costs are incurred uniformly throughout the process. The company runs inspection when the product is 100% complete. August's production records indicate the following information: Quantities: Beginning work in process inventory (40% completed) 2,000 units Started during August 11,000 units Spoilage 1,000 units Completed and transferred out 10,000 units Ending work in process inventory (20% completed) ? Beginning WIP inventory costs: Direct materials $500 Direct labor 400 Factory overhead 240 August production costs: Direct materials $4,400 Direct labor 5,000 Factory overhead 3,480 1. What are the equivalent units for material and conversion?

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In Class Exercise: Marshall Company uses the FIFO process costing in accounting for its production a...

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