Finding Equivalent Units and Total Production Costs
Not what you're looking for?
I need help solving questions for the following scenario:
Surf Products Company, Inc. uses an automated process to clean and polish its souvenir items. For March, the company has the following activities:
Beginning WIP Inventory: 3,000 units; 1/3 complete
Units Placed in Production: 12,000 units
Units Completed and Transferred: 9,000 units
Ending WIP Inventory: 6,000 units; 1/2 complete
Cost of Beginning WIP: $2,500
Direct Materials Costs, Current: $9,000
Conversion Costs, Current: $7,700
Direct Materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. The company uses FIFO to calculate its costs under process costing.
- What are the equivalent units for direct materials and conversion costs, respectively in March?
- How much of the total production costs were assigned to those units that were completed and transferred out?
- The total production costs that were assigned to those units that were completed and transferred out, how much can be attributed to those units from beginning work in process and how much can be attributed to those units that were started and competed during the period?
Purchase this Solution
Solution Summary
The following posting helps with various business costing problems. Concepts covered include finding equivalent units and total production costs.
Purchase this Solution
Free BrainMass Quizzes
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.