Process inventory, Basham had no beginning work in process

Process inventory

Assignment Help Financial Accounting

Reference no: EM13912866

Basham Company uses a process cost system. During 20X6, Basham had no beginning work in process inventory. During 20X6, Basham started and finished 500 units. Also, Basham had 200 units in process at the end of 20X6. These units were 50% complete with respect to materials. What are the equivalent units for direct materials?

Reference no: EM13912866

Questions Cloud

Opportunity to invest : Most Company has an opportunity to invest in one of two new projects. Project Y requires a $315,000 investment for new machinery with a four-year life and no salvage value.

Physical inventory at the end of the year : A company took a physical inventory at the end of the year and determined that $810,000 of goods were on hand. In addition, the following items were not included in the physical count

Record for bond : What amount should Brogden record for bonds payable (net of related discount) on January 1, 20X6

Conversion costs : conversion costs included in ending work in process are $12,500-conversion costs included in ending work in process are $25,000.

Process inventory : Basham had no beginning work in process inventory. During 20X6, Basham started and finished 500 units.

Assigned anestimated life : The equipment was assigned anestimated life of 10 years and a salvage value of $10,000. On January 1, 2005, ABC Company decided the life of the equipment should be revised from 10 to 15 years with a salvage value of $4,000 at the end of the 15 years..

Employee participation : is imposed on lower-level personnel who rarely are involved in budget construction-centers on lower-level employee participation.

Pounds of material : Z makes units that each requires 2 pounds of material at $3 per pound. 500 and 700 units will be built in May and June, respectively. Z keeps material on hand at 20% of the next month's production needs.

Production method of depreciation : Assume the company employs the units of production method of depreciation

User Account

All Pages