Reference no: EM133035963
Question - A company produces canned sodas in a one process department. Direct materials are introduced at the beginning of the process and conversion costs are applied consistently throughout the process. Data for the current period are as follows:
Beginning work in process inventory 90,000 units (30% complete for conversion cost)
Units started in current period 520,000 units
Ending work in process inventory 114,000 units (60% complete for conversion cost)
Costs contained in beginning work in process inventory
Direct materials $205,500
Conversion costs $113,140
Costs added during current period
Direct materials $1,716,000
Conversion costs $1,128,540
Required -
a. Using the weighted average cost flow assumption: determine the equivalent unit cost, work in progress for direct material and conversion cost.
b. Using the FIFO cost flow assumption: determine the equivalent unit cost, work in progress for direct material and conversion cost.
c. Distinguish between normal and abnormal losses and explain how their accounting treatment differs.
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