Reference no: EM132602752

Jack manufacturing makes a safety device for the gold industry the company uses a process costing system and has only a single processing department. The following information pertains to operations for the month of May.

                                                                     units

Beginning work in process inventory     16,000

Started into production during May     100,000

Completed during May                          92,000

Ending work in process inventory           24,000

The beginning work in process inventory was 60% complete with respect to materials and 20% complete with respect to conversion cost. The ending work in process inventory was 90% complete with respect to materials and 40% complete with respect to conversion cost. The costs were as follows.

                                                         Material           conversion

Beginning work in process inventory            54,560             35,560

Cost incurred during May                           46,800               574,040

Question a) Using the FIFO method, what are the equivalent units of production for materials for May.

Question b) Using the FIFO method, what are the equivalent unit of production for conversion for May.

Question c) Using the FIFO method, the cost per equivalent unit of material for May is closest to which of the following.

Question d) Using the FIFO method, the cost per equivalent unit of conversion cost for May is closest to which of the following.