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
Directmaterials
62,480
Directlabor
73,040
Factoryoverhead
Property taxes
6,100
Depreciation
32,600
Utilities
26,500
Indirect labor
4,400
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
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