Pierce & Company provides the following information concerning the work in process at its plant: • Beginning...

4.5 Ratings (731 Votes)

Solution

Equivalent units for materials using FIFO= 59,300

Equivalent units for conversion costs using FIFO = 47,149

Working

STEP 1 (FIFO)
Reconciliation of Units
	Units	% already completed		% completed this period
	Units	Material	Conversion cost	Material	Conversion cost
Beginning WIP	9,600	100%	61%	0%	39%
Units introduced	59,300
Total units to be accounted for	68,900
Completed and Transferred unit	50,200	0%	0%	100%	100%
Ending WIP	18,700	0%	0%	100%	15%

STEP 2 (FIFO)
Equivalent Units
	Total Units	Material		Conversion cost
Units Transferred:	Total Units	% completed this period	Equivalent Units	% completed this period	Equivalent Units
From WIP	9,600	0%	-	39%	3,744
From units started/Introduced	40,600	100%	40,600	100%	40,600
Total	50,200		40,600		44,344

	Total Units	Material		Conversion cost
Ending WIP		% completed this period	Equivalent Units	% completed this period	Equivalent Units
Total	18,700	100%	18,700	15%	2,805

Total EUP	68,900		59,300		47,149

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

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