Practice Computation of Equivalent Production under Process Costing
(1) Compute the equivalent production figures for costing from the following data, using the FIFO method. (2) Compute the equivalent production figures for costing, using the Average cost method, for parts (d) and (e) below.
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(a) Started in process 40,0000 units; transferred 32,0000 units; in process end of period, 8,0000 units, 1/2 completed.
(a) Started in process 40,0000 units; transferred 32,0000 units; in process end of period, 8,0000 units, 1/2 completed.
(b) Started in process 50,000 units; completed and transferred 36,0000 units; completed and on hand 6,0000 units; in process end of period, 8,000 units, 3/4 completed.
(c) Started in process 15,0000 units; completed and transferred 12,0000 units; in process end of period, 2,0000 units, three fourths completed, and 1,0000 units, 2/5 completed.
(d) Beginning inventory 16,0000 units, 3/8 completed; started in process 400,000 units; transferred 36,0000 units; closing inventory, 10,0000 units, one half completed, and 10,0000 units, 3/4 completed.
(e) Beginning inventory 12,0000 units, one third completed, and 18,0000 units, one half completed; started in process 120,0000 units; transferred 128,0000 units; closing inventory, 6,0000 units, one fifth completed and 16,0000 units, 3/4 completed.