What are fifo equivalent units of production for material

Assignment Help Accounting Basics
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

Questions Cloud

Explain what you found most and least interesting : In this essay, you will explain what you found most and least interesting in each chapter or chapters and what you think is the most important event.
Explain the effective-interest amortization method : Using the effective-interest amortization method On December 31, 2016, when the market interest rate is 16%, Bryant Realty issues $700,000 of 17.25%.
What is the present value of this investment : What is the Present Value (PV) of this investment (at 12%)? What is the NET Present Value of this investment? If you need 12% should you buy the equipment?
Evaluate the probability that both answers selected : Suppose now that the hosts select the answers at random but without replacement. Use conditional probability to evaluate the probability
What are fifo equivalent units of production for material : How many gallons were transferred out? What are the FIFO equivalent units of production for material? For Conversion?
Prepare an amortization schedule for the payments : Preparing an amortization schedule and recording mortgages payable entries Keel Company purchased a building and land with a fair market value of $575,000.
Previous exercise for the probability question : Calculate the probabilities in Parts (a) and (b) of the previous exercise for the probability question.
Discuss the double-declining balance method : What is the depreciation for 2013 under the double-declining balance method
What is the predetermined overhead rate : Total overhead costs are estimated to be $9,600,000. If Wolf Co. allocates overhead based on direct labor HOURS, what is the predetermined overhead rate?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the appropriate free cash flow number as of ifrs

in its 2012 report volkswagen included the following cash-flow statement in millions20122011profit before

  A sales discount correctly taken by the charge customer was

1 a sales discount correctly taken by the charge customer was debited to sales at the time the entry was recorded. this

  What is your opinion of randys reasoning

What is your opinion of Randy's reasoning? Explain the circumstances under which Randy's decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable.

  Determine dividends per preferred and common stock

Determine the dividends per share for preferred and common stock for each year

  Rouse incorporated reported sales cost of sales and

rouse incorporated reported sales cost of sales and inventory figures for 2010 and 2011 as follows all dollars in

  Prepare a paper that discusses accounting for partnerships

Prepare a written paper that discusses Accounting for Partnerships. Your paper may cover any subject area relating to Accounting for Partnerships.

  At the beginning of 2011 margarets adjusted basis in her 30

at the beginning of 2011 margarets adjusted basis in her 30 percent interest in mp partnership a general partnership

  Set up t accounts for the following accounts

Charles Chadwick opened a business called Charlie's Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture.

  Complete the corrected balance sheet below

Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now he's not sure it is correct.

  Problem based on raising taxes or service charges

Joe Babitt, a former executive of T-Mart, just started a term as mayor of Saulk Center. For the past several days he has been looking for a way.

  Common stock issued & outstanding

problem: On January 1, 2008, Dolan Corporation had 60,000 shares of $1 par value common stock issued & outstanding. During the year, following transactions occurred: Mar. 1 Issued 20,000 shares of common stock for $400,000. June. 1

  On a separate sheet of paper or using a spreadsheet create

on a separate sheet of paper or using a spreadsheet create a balance sheet for tropical aquaculture a farm for shrimp

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd