Malmedy Corporation uses the FIFO method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process? Percent complete with respect to materials 75 % Percent complete with respect to conversion 50 % Costs in the beginning inventory: Materials cost $ 2,300 Conversion cost $ 3,600 Units started into production during the month 25,200 Units completed and transferred out during the month 24,000 Costs added to production during the month: Materials cost $ 98,750 Conversion cost $ 220,500 Work in process, ending: Units in process 2,000 Percent complete with respect to materials 80 % Percent complete with respect to conversion 45 %

Question

Business

Dominick Schmidt

4 June, 04:04

Malmedy Corporation uses the FIFO method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process? Percent complete with respect to materials 75 % Percent complete with respect to conversion 50 % Costs in the beginning inventory: Materials cost $ 2,300 Conversion cost $ 3,600 Units started into production during the month 25,200 Units completed and transferred out during the month 24,000 Costs added to production during the month: Materials cost $ 98,750 Conversion cost $ 220,500 Work in process, ending: Units in process 2,000 Percent complete with respect to materials 80 % Percent complete with respect to conversion 45 %

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Answers (1)

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Rayna Nash · Answer 1

beginning WIP 800

Question: which are the physical units in the beginning work in process inventory?

Explanation:

The beginning WIP and the started and completed untis will be the total transferred units.

We first, solve for the start and completed:

Unit Stated 25,200

Ending WIP (incomplete) 2,000

start and complete 23,200

Now, we solve for the WIP:

Transferred units 24,000

start and complete (23,200)

beginning WIP 800