Ozdemir Corporation uses the FIFO method in its process costing system. Data con

Question

Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the fist processing department for the most recent month are listed below g system. Data concerning the first processing department for the most Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion 200 $ 1,800 $60o 2 55% Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: 10 5,000 4,500 s 74,800 $128,800 700 Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 858 0 70% What are the equivalent units for conversion costs for the month in the first processing department? Prev 9 of 5ENext

Explanation / Answer

Units transferred 4500

Less op units 200

Bal with 100% conversion during the month=4300

Add op converted units in the month=200*90%=180

Closing wip stock converted value= 700*70%=490

Total converted units=4300+180+490=4970

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