Magic Company adds materials at the beginning of the process in Department A. The following...
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Accounting
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available:
| Work in process, August 1 (60% complete with respect to conversion) | 72,000 | |
| Started in August | 480,000 | |
| Completed | 480,000 | |
| Work in process, August 31 (30% complete with respect to conversion) | 72,000 | |
Required:
a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method.
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b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
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