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The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1, 25% completed 51,500 units Transferred to finished goods during June5, 000 units Equivalent unit of production during June5, 200 units Determine the number of equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs.

The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1, 25% completed 51,500 units Transferred to finished goods during June5, 000 units Equivalent unit of production during June5, 200 units Determine the number of equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs.

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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The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1, 25% completed 51,500 units Transferred to finished goods during June5, 000 units Equivalent unit of production during June5, 200 units Determine the number of equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs.
Transcribed Image Text:The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1, 25% completed 51,500 units Transferred to finished goods during June5, 000 units Equivalent unit of production during June5, 200 units Determine the number of equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs.
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