Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 91

Refer to the information in Exercise 20-4 and complete the requirements for each of the three separate assumptions using the FIFO method for process costing.
REFERENCE: Exercise 20-4
The production department in a process manufacturing system completed 80,000 units of product and transferred them to finished goods during a recent period. Of these units, 24,000 were in process at the beginning of the period. The other 56,000 units were started and completed during the period. At periodend, 16,000 units were in process. Compute the department's equivalent units of production with respect to direct materials under each of three separate assumptions, using the weighted average method:
1. All direct materials are added to products when processing begins.
2. Beginning inventory is 40% complete as to materials and conversion costs. Ending inventory is 75% complete as to materials and conversion costs.
3. Beginning inventory is 60% complete as to materials and 40% complete as to conversion costs. Ending inventory is 30% complete as to materials and 60% complete as to conversion costs.