Ivanov Co. had 1,000 units in beginning WIP inventory on September 1, which were 30% complete with respect to conversion. During September, direct materials were added at the start of the production process and conversion costs were incurred uniformly throughout the production process. 8,000 units were completed during September, and the 1,000 units in ending WIP inventory were 50% complete with respect to conversion. Assuming that Ivanov Co. uses the FIFO process costing method, what is the total number of equivalent units with respect to conversion costs?

Ivanov Co. had 1,000 units in beginning WIP inventory on September 1, which were 30% complete with respect to conversion. During September, direct materials were added at the start of the production process and conversion costs were incurred uniformly throughout the production process. 8,000 units were completed during September, and the 1,000 units in ending WIP inventory were 50% complete with respect to conversion. Assuming that Ivanov Co. uses the FIFO process costing method, what is the total number of equivalent units with respect to conversion costs?

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Description: Please do not give solution in image format thanku Ivanov Co. had 1,000 units inbeginning WIP inventory onSeptember 1, which were 30%complete with respect to conversion.During September, direct materialswere added at the start of theproduction proces

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 9EA: Using the weighted-average method, compute the equivalent units of production if the beginning...

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