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Armour company had a beginning inventory of 4000 bags, 50% complete. During the period, 20000 bags...

Armour company had a beginning inventory of 4000 bags, 50% complete. During the period, 20000 bags were started and completed, and 2,000 bags reminded unfinished as EWIP. Using FIFO method of accounting for equivalent units, how many bags were started into production DURING the period?

A) 24000 bags

B) 22000

C)20,000

D) 18,000

Business   Accounting   
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Answer #1

Opening inventory - 4000 bags (out of which 2000 bags were WIP and 2000 were complete)

During the period, 20000 bags were started and completed and 2000 bags were remained as WIP.

FIFO means First In - First Out, that is, the oldest inventory will be used first and latest in the last.

Bags started in production = 20000 (Finished stock) + 2000 (Closing WIP stock) - 2000 (Opening WIP stock) = 20000

Opening WIP stock of bags will be used first in the production.

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