I need help on this thanks 5. Powers Corporation has the following information a

Question

I need help on this thanks

5. Powers Corporation has the following information available for May of the current year: Beginning Work in Process Inventory (25% complete as to conversion) 10,000 120,000 units units Started Ending Work in Process Inventory (30% complete as to conversion) 30,000 units Beginning Work in Process Inventory Costs: Material Conversion $ 2,100 2,030 Current Period Costs: Material Conversion $ 33,000 109,695 All material is added at the start of production and all products completed are transferred out. Required Prepare an equivalent units schedule using the (a) FIFO and (b) weighted average method.

Explanation / Answer

Solution a:

Solution b:

Schedue of Equivalent units (FIFO) Particulars Physical units Material Conversion Units to be accounted for: Beginning WIP Inventory 10000 Units Started 120000 Total unit to be accounted for 130000 Units Accounted for: Units completed and transferred out From beginning inventory
Material - 0%
Conversion - 75% 10000 0 7500 Started and completed currently 90000 90000 90000 Units in ending WIP
Materail - 100%
Conversion - 30% 30000 30000 9000 Equivalent units of production 130000 120000 106500

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