Exercise 17-17 (Part Level Submission) The Cutting Department of Lasso Company h

Question

Exercise 17-17 (Part Level Submission) The Cutting Department of Lasso Company has the following production and cost data for August Production Costs 1. Started and completed 10,000 units Beginning work in process Materials Labor Manufacturing overhead $0 45,000 13,600 16,100 Started 2,000 units that are 40% completed at August 31, Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Lasso Company uses the FIFO method to compute equivalent units Determine the equivalent units of production for (1) materials and (2) conversion costs. Conversion Costs The equivalent units of production

Explanation / Answer

Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Opening WIP 0%                           -                               -   0%                                 -   Units started and completed           10,000.00 100%           10,000.00              10,000.00 100%                 10,000.00 ending WIP              2,000.00 100%              2,000.00                2,000.00 40%                       800.00 Equivalent Units           12,000.00                 10,800.00

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