Beginning inventory amounted to 1,000 units. This period 4,500 units were started and com- pleted. At the end of the period, the 3,000 units in inventory were 30 percent complete. Using FIFO costing, the equivalent production for the period was 5,600 units. What was the percentage of completion of the beginning

Beginning inventory amounted to 1,000 units. This period 4,500 units were started and com- pleted. At the end of the period, the 3,000 units in inventory were 30 percent complete. Using FIFO costing, the equivalent production for the period was 5,600 units. What was the percentage of completion of the beginning

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Description: Beginning inventory amountedto 1,000 units. This period4,500 units were started andcom- pleted. At the end of theperiod, the 3,000 units ininventory were 30 percentcomplete. Using FIFO costing,the equivalent production forthe period was 5,600 units.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2EB: There were 2.000 units in beginning inventory that were 70% complete with regard to conversion....

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