Question

MediSecure, Inc., uses the FIFO method in its process costing system. It produces clear plastic containers...

MediSecure, Inc., uses the FIFO method in its process costing system. It produces clear plastic containers for pharmacies in a process that starts in the Molding Department. Data concerning that department’s operations in the most recent period appear below:

Beginning work in process:
Units in process 510
Completion with respect to materials 78 %
Completion with respect to conversion 33 %
Units started into production during the month 153,600
Units completed and transferred out 153,610
Ending work in process:
Units in process 500
Completion with respect to materials 76 %
Completion with respect to conversion 29 %

Required:

Compute the Molding Department's equivalent units of production for materials and conversion for the period. (Round your intermediate and final answers to the nearest whole number.)

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Answer #1

Answer-

Particulars Materials Conversion
Equivalent units of production 153592 153587

Explanation-

MediSecure Inc.
Statment of Equivalent Production units
Under FIFO Method
Particluars Input Units Particulars Output Units Equivalent Production
% Materials % Conversion Costs
Opening Work in process 510 Opening Work in process 510 22 112 67 342
Units introduced 153600 Units completed (Transferred to next process) [153600 units-500 units] 153100 100 153100 100 153100
Closing work in process 500 76 380 29 145
Total 154110 154110 153592 153587
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