Question 1 Tip Top Painting Company has the following production data for Januar

Question

Question 1 Tip Top Painting Company has the following production data for January: Beginning work in process, 0 units · units transferred out, 35,000 e Units in ending work in process, 10,000, which are 30% complete for conversion costs Materials are added only at the beginning of the process. Compute equivalent units of production for both materials and converston costs. Equivalent Units QUANTITIES Units to be accounted for Physical Units Materials Conversion Costs Work in process, January 1 Started into production Total units Units accounted for Transferred out Work in process, January 31 Total units 2

Explanation / Answer

Equivalent Units Details Physical units Materials conversion costs Units to be accounted for Work in process , January 1 0 Started into production 45000 Total units 45000 Units accounted for : Transferred out 35000 35000 35000 Work in process , January 31 10000 10000 3000 Total 45000 45000 38000

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