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3 years ago

Conlon Chemicals manufactures paint thinner. Information on the work in process follows:

Business

1 answer:

kupik [55]3 years ago

3 0

Answer:

a. The equivalent units for materials using the weighted-average method 223432 gallons

b. The equivalent units for conversion costs using the weighted-average method 218714 gallons

Explanation:

The Concept of Equivalent units needs to be first defined.Equivalent Units in process costing is the number of units in terms of completion stage or percentage of a certain input element in the process.

Step 1 Calculate the Units of Closing Work In Process

Hint: Units IN must equal units Out

Units of Closing Work In Process = Units of Opening Work In Process + Units Started during the year - Units of Closing Work In Process

Therefore Units of Closing Work In Process = 43300+235400-211300

= 67400 units

Step 2 Calculate the Equivalent Units of Materials

Closing Work In Process ( 67400×18%) = 12132

Completed and Transferred Out ( 211300×100%) = 211300

Total 223432

Step 3 Calculate the Equivalent Units of conversion costs

Closing Work In Process ( 67400×11%) = 7414

Completed and Transferred Out ( 211300×100%) = 211300

Total 218714

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