Last period\'s END work in progress was 300 units with DM = 20%; DL = 30%; o/H =

Question

Last period's END work in progress was 300 units with DM = 20%; DL = 30%; o/H = 60%. We started 2,800 units this period at ABC Company. At the end of this period we had 500 units in END work in progress : DM = 40%; DL = 20%; o/H = 50%. How many equivalent units do we have at the end of step 2 if we are using the weighted average method? How about the FIFO method? What assumptions do we need to use the FIFO method? Between this period and the last period we spent $300,000 to complete as many units as possible in END work in process. We spent $33,000 on this period's END work in process. What are the cost of this period's ending Finished Goods?

Explanation / Answer

equivalent units do we have at the end of step 2 if we are using the weighted average method = 164 units How about the FIFO method doesnot work here assumptions dwe need to use the FIFO method we assume in FIFO method that every unit placed is first which is contradictory cost of this period's ending Finished Goods $26000

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