Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information is available from the oi

The following information is available from the Oils Division of Glasgow Corporation for December. Conversion...

70.2K

Verified Solution

Question

Accounting

The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 60 percent complete as to ending work-in-process inventory. Information about conversion costs follows.

Units Conversion Costs
WIP at December 1 (80% complete) 112,000 $ 443,520
Units started and costs incurred during December 552,000 2,628,480
Units completed and transferred to next department during December 412,000 ?

The Oils Division uses FIFO.

Required:

a-1. Compute the equivalent units for conversion costs.

a-2. Compute the cost per equivalent unit for conversion costs.

a-3. What was the conversion cost of work-in-process inventory in the Oils Division at December 31?

b. What were the conversion costs per equivalent unit produced last period and this period, respectively?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Problem 18-3 Reacquired shares-comparison of retired shares and treasury shares [LO18-5] National Supply’s shareholders’ equity included the...

Physics
1.2K views

A block placed under the head of the claw hammer as shown greatly facilitates the...

Geometry
1.2K views

Is the average time to complete an obstacle course when a patch is placed over...

Geometry
1.2K views

O A 18 Sketch an angle 0 in standard position such that has the least...

Basic Math
1.2K views

Rewrite sec 22 in terms of its cofunction.sec 22 =(Type an exact answer. Simplify your...

Basic Math
1.2K views

In 1993, the moose population in a park was measured to be 4750. By 1999,...

Calculus
1.2K views

Find the derivative of the function using the definition of derivative.1-4t3 + tG(t) =G'(t) =State...

Calculus
1.2K views

Prove the identity tan x 7 tan x Use the Subtraction Formula for Tangent and...

Accounting
1.2K views

The following information relates to RW Enterprises payroll for the month of July: Wages Income...

Accounting
1.2K views

Stylish Sitting is a retailer of office chairs located in San Francisco, California. Due to...

Accounting
1.2K views

Any help and feedback for this problem. Contribution Margin United Merchants Company...

Accounting
1.2K views

During class, we looked at a property where the existing rent roll had in place...