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Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Work in process, August 1 Units started into production during August Units completed during August and transferred Units Percent Complete Materials 800 50% Conversion 45% 8,700 8,200 1,300 65% 30% to the next department Work in process, August 31 Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production 8,645 8,230

Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Work in process, August 1 Units started into production during August Units completed during August and transferred Units Percent Complete Materials 800 50% Conversion 45% 8,700 8,200 1,300 65% 30% to the next department Work in process, August 31 Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production 8,645 8,230

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Work in process, August 1 Units started into production during August Units completed during August and transferred Units Percent Complete Materials 800 50% Conversion 45% 8,700 8,200 1,300 65% 30% to the next department Work in process, August 31 Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production 8,645 8,230
Transcribed Image Text:Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Work in process, August 1 Units started into production during August Units completed during August and transferred Units Percent Complete Materials 800 50% Conversion 45% 8,700 8,200 1,300 65% 30% to the next department Work in process, August 31 Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production 8,645 8,230
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