Question

CoolSips produces soft drinks and sodas. Production of 101,000 liters was started in February, 86,000 liters...

CoolSips produces soft drinks and sodas. Production of 101,000 liters was started in February, 86,000 liters were completed. Material costs were $38,340 for the month while conversion costs were $16,980. There was no beginning work-in-process; the ending work-in-process was 40% complete. What is the number of liters of the product that was completed and transferred to finished goods?

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Answer #1

Correct answer is 92000 litres

Explanation:

Total litres (production of litres started) = 101000

Completed litres of product = 86000

Therefore, incomplete litres of product = 101000 -- 86000

= 15000 litres

Now, we wil calculate equivalent units of production for the incompleted units:

Equivalent units of poduction = No. of incompleted units *   Percentage   of completion

  = 15000 * 40%

  = 6000 litres

So, the number of litres of the product that was completed and transferred to finished goods

= No. of litres fully completed + No. of litres completed out of work-in-progress litres

= 86000 + 6000

= 92000 litres

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