15) During 20x1, Ike Co, compiled the following information for the manufacturin

Question

15) During 20x1, Ike Co, compiled the following information for the manufacturing of its p Physical Units 1,000 2,500 2,000 1,500 % of Completion 67% Beginning WIP Units Transferred In Units Completed Ending WI 20% What was the number of equivalent units produced using the first-in, first-out method? A. 1,000 1,600 D. 3,466 Jack industries used job-order costing and applied overhead using direct labor costs. Jack compiled the following information for the month ended December 31, 20xi: 120,000 180,000 250,000 100,000 120,000 800,000 Budgeted Direct Labor Direct Labor Overhead Incurred Budgeted Overhead Ending Finished Goods Inventory 100,000 120,000 700,000 ning Direct Materials Inventory Beginning Work-in-Process Inventory Beginning Finished Goods Inventory Ending Direct Materials Inventory Ending Work-in-Process Inventory Direct Materials Purchased 350,000 Required (show your work for partial credit and it is preferable to prepare schedules): 1) 2) 3) 4) 5) Calculate the predetermined overhead rate Calculate the applied overhead Calculate direct materials used Calculate the cost of goods manufactured Calculate the cost of goods sold

Explanation / Answer

Calculate no of equivalent unit under first in first out method :

so answer is 1630 unit

Physical unit % Equivalent unit Beginning work in process 1000 33% 330 Unit started and completed (2000-1000) 1000 100% 1000 Ending work in process 1500 20% 300 Total 1630

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