PLEASE HELP!!! Production has just been completed for January 20xx by Colombo, I

Question

PLEASE HELP!!! Production has just been completed for January 20xx by Colombo, Inc. The company utilizes a process costing system, and the following accounting and operating information was obtained from company records:

a. Beginning work in process inventory consisted of units totaling 8,200 that were 60 percent complete as of January 1, 20xx (all direct materials were added to the units at the beginning of the production process that took place in the preceding month).

b. 260,000 units were started during January.

c. At the end of the month, 22,400 units were in work in process inventory and were 100 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs.

From the figures shown above, and assuming a FIFO costing flow, prepare in good form a schedule of equivalent production for the month ended January 31, 20xx. If an amount is zero, enter "0".

Colombo, Inc. Equivalent Production January 31, 20xx Physical Units Beginning inventory Equivalent Units Units started this period Direct Materials % Conversion Costs % Units to be accounted for Beginning inventory Units started and completed Ending inventory Units accounted for

Explanation / Answer

Colombo, Inc. Equivalent Production January 31, 20xx Physical Units Beginning inventory 8200 Equivalent Units Units started this period 260000 Direct Materials % Conversion Costs % Units to be accounted for 268200 Beginning inventory 8200 0 3280 40% Units started and completed 237600 237600 100% 237600 100% Ending inventory 22400 22400 100% 8960 40% Units accounted for 268200 260000 249840

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