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Holly Company has the following information for December 1 to December 31. All direct materials are...

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Accounting

Holly Company has the following information for December 1 toDecember 31. All direct materials are 100% complete.

Beginning balance

    December 360 units, 20%

    complete for conversion

$42,480  Completed 880 units andtransferred to finished goods inventory$234,960
  Directmaterials62,480
  Directlabor73,040  
  Factoryoverhead
      Property taxes6,100  
      Depreciation32,600  
      Utilities26,500  
      Indirect labor4,400  

  Ending balance December 31,
     460 units, 40% complete

Calculate equivalent units usingthe weighted-average and FIFO methods.
$55,660  

Answer & Explanation Solved by verified expert
3.6 Ratings (322 Votes)
All working forms part of the answer Working Units Reconciliation Units to account for Beginning WIP 360 given Units started this period 980 1340 360 Total Units to account for 1340    See Answer
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