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What are fifo equivalent units of production for material

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Reference no: EM131820101

Problem

Oehkle Inc. produces paint in a process in which spoilage occurs continually. Spoilage of 2 percent or fewer of the gallons of raw material placed into production is considered normal. The following operating statistics are available for June 2013:

Beginning WIP Inventory (60% complete as to material; 70% complete as to conversion) 16,000 gallons

Started during june 360,000 gallons

Ending WIP Inventory (40% complete as to material, 20% complete as to conversion) 8,000 gallons

Spoiled 2,800 gallons

a. How many gallons were transferred out?

b. What are the FIFO equivalent units of production for material? For Conversion?

Reference no: EM131820101

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