Leo Manufacturing Company uses the FIFO method in its process costing system. The first processing department, the Soldering Department, started the month with 32,000 units in its beginning work-in-process inventory that were 70% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $116,150. An additional 84,500 units were started into production during the month. There were 38,000 units in the ending work-in-process inventory of the Soldering Department that were 80% complete with respect to conversion costs. A total of $580,125 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs?

$6.71 per unit

Explanation:

The computation of the cost per equivalent unit for conversion costs is shown below:

As we know that

Cost per equivalent unit for conversion costs is

= Total conversion cost in the month ÷ Equivalent Units of Production

where,

Equivalent units of Production is

= (Beginning Inventory × Percentage completed in the month) + [(Units started in the month - Ending Inventory) × 100%] + (Ending Inventory ×  percentage completed in the month)

= (32,000 × 30%) + [(84,500 - 38,000) × 100%] + (38,000 × 80%)

= 86,500 units

Now the cost per equivalent unit for conversion cost is

= $580,125 ÷ 86,500 units

= $6.71 per unit

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

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