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 Topic: Wiley Question, Module 47 ( Topic Closed)
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murdock
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Joined: 23 Jul 2010
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Posts: 16
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| Posted: 03 Apr 2011 at 19:53 | IP Logged
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Hey all,
I've got a question about the 2011 Wiley Module 47,
question 31.
In the question they ask for equivalent units of
production (EUP) for conversion costs.
In the answer, they subtract the equivalent units in
beginning (work in process) inventory - 3200.
In the FIFO explanation on page 296, however, they are
adding the conversion costs equivalent units on the
beginning work in process inventory.
Unless I'm missing something, it seems like there might
be a mistake on answer to question 31. Instead of
subtracting 20% on 16,000...they should be adding 80% of
16,000 (the work done in the period).
Please let me know if I'm way off here. The answer just
doesn't seem to make sense after looking at it for many
hours. Thanks!
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Scmang3
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Joined: 04 Apr 2011
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Posts: 64
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| Posted: 12 Apr 2011 at 16:27 | IP Logged
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I may have misread your question, but what I took out of Becker's explanatoin for Equivalent Units under weighted-average and under FIFO is as follows.
For FIFO: it is Finished works + Ending Balance x % Complete - Beg Balance % Complete
-So in other words, it is only the amount that was completed in the period,whereas in Weighted-average it is everything that was completed in this period and the prior period, so it is
Finished Work + Ending balance x % Completed,
I hope that this helps.
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