Question

Gaba Corporation uses the FIFO method in its process costing system. The Grinding Department started the...

Gaba Corporation uses the FIFO method in its process costing system. The Grinding Department started the month with 17,100 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. An additional 61,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department. During the month 71,000 units were completed in the Grinding Department and transferred to the next processing department. There were 7,100 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Grinding Department for the month?

Multiple Choice

  • 61,450

  • 71,710

  • 51,000

  • 71,000

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Answer #1
Correct Option A i.e. 61450 Units
Gaba Corporation
Production Cost Report (FIFO)
Actual Units
Caluclation of Physical UNITS:
Units in begining inventory 17100
Units started during the period 61000
Units to be accounted for 78100
Actual Units Equivalent Units
Material Conversion
Units Completed and Transferred 71000
   From units in beginning inventory 17100 0 6840
    From units started 53900 53900 53900
Units in ending inventory 7100 7100 710
Equivalnet Units of Production 78100 61000 61450
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