Kronk, Incorporated provides the following information concerning the work in process at its plant: -...
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Accounting
Kronk, Incorporated provides the following information concerning the work in process at its plant: - Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). - Started this month, 71,000 units. - Transferred out, 68,000 units. - Ending inventory, 34,000 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO
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