Concept explainers
- 1. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
- 2. Compute the total standard costs of sunglasses transferred out in May and the total standard costs of the May 31 inventory of work in process.
- 3. Compute the total May variances for direct materials and conversion costs.
- 4. Prepare summarized journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs.
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