Laurle Corporation uses the FIFO method In Its process costing system. Departmen

Question

Laurle Corporation uses the FIFO method In Its process costing system. Department A is the first stage of Laurle Corporation's production process. The following Information is avallable for conversion costs for the month of May for Department A Units Work in process, beginning (20% complete with respect to conversion costs) Started in May Completed In May and transferred to Department B Work In process, ending (70% complete with respect to conversion costs) 9,600 56,000 54,000 11,600 The equivalent units of production for conversion costs for the month are: 60,200 units O 54,000 units O 61,680 units O 52,520 units

Explanation / Answer

Laurie Corporation Detaiils Units % Conversion Equivalent Units of Conversion Opening WIP -completion of remaining part          9,600.00 80%        7,680.00 Completed and transferred in May       44,400.00 100%      44,400.00 Ending WIP         11,600.00 70%        8,120.00 Equivalent Units of production May by FIFO      60,200.00 So option is 60200 units Garson Corporation Detaiils Units % Conversion Equivalent Units of Conversion Opening WIP -completion of remaining part       21,500.00 80%      17,200.00 Completed and transferred in May     106,500.00 100% 106,500.00 Ending WIP            4,500.00 30%        1,350.00 Equivalent Units of production May by FIFO 125,050.00 so option is 125050 units Oxyrom Corporation Detaiils Units % Conversion Equivalent Units of Conversion Opening WIP -completion of remaining part          7,200.00 70%        5,040.00 Completed and transferred in May       37,700.00 100%      37,700.00 Ending WIP         10,700.00 75%        8,025.00 Equivalent Units of production May by FIFO      50,765.00 so option is 50765 units.

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