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Springville Company uses FIFO method for inventory valuations

Springville Company uses FIFO method for inventory valuations
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Price: $9.99
Availability: In Stock
Model: A
Average Rating: 5 out of 5 Stars!

Springville Company uses FIFO method for inventory valuations. Springville produces a product that passes through two department: Blending and Cooking. In the blending department, all material are added at the beginning of the process. All other manufacturing inputs are added uniformly. The following information pertains to the blending department for February: a. BWIP, February 1: 100,000 pounds, 40 percent complete with respect to conversion costs. The costs assigned to this work are as follows: Material $20,000 Labor 10,000 Overhead 30,000 b. EWIP, February 28: 50,000 pounds, 60 percent complete with respect to conversion costs. c. Units completed and transferred out: 370,000 pounds. The following costs were added during the month: Material $211,000 Labor 100,000 Overhead 270,000 Required: a) Prepare a schedule of equivalent units b) Compute the cost per equivalent unit c) Compute the cost of goods transferred out and the cost of EWIP. NOTE: This question is NOT our property; we are only suggesting solution of this question.

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