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During March, Hanks Manufacturing started and completed 30,000 units. In beginning work in process, there were...

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Accounting

During March, Hanks Manufacturing started and completed 30,000units. In beginning work in process, there were 5,000 units 60percent complete with respect to conversion costs. Materials areadded at the beginning of the process. In EWIP there were 10,000units 40 percent complete for conversion costs. Using FIFO, theequivalent units of materials and conversion costs are,respectively:

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Materials Conversion Costs
Physical Units % of completion Equivalent Units of production % of completion Equivalent Units of production
Beginning Work in process                  5,000 0% 0 40%                    2,000
Units started and completed                30,000 100%               30,000 100%                  30,000
Ending Work in process                10,000 100%               10,000 40%                    4,000
Total                45,000              40,000                  36,000
Thus, as per FIFO method, Equivalent units of production for:
Material is                40,000
Conversion cost is                36,000

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