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julsineya [31]
3 years ago
6

Carbamate Manufacturing produces a pesticide chemical and uses process costing. There are three processing departmentslong dash​

Mixing, ​Refining, and Packaging. On January​ 1, the Refining Department had 2,000 gallons of partially processed product in production. During​ January, 30,000 gallons were transferred in from the Mixing​ Department, and 29,000 gallons were completed and transferred out. At the end of the​ month, 3,000 gallons of partially processed product remained in the Refining Department. The weightedminusaverage method is used. See additional details below.
Refining​ Department, ending balance at January 31
Percent completed for materials cost: 92%
Percent completed for conversion cost: 76%

What was the total number of equivalent units of production for conversion costs for the month of January for the Refining Department?
Business
1 answer:
Kamila [148]3 years ago
3 0

Answer:

<em>Equivalent unit for conversion cost= 31,280 units</em>

Explanation:

<em>Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked. </em>

<em>Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work</em>

Equivalent unit = Degree of completion × number of units

<em>Equivalent unit for conversion cost</em>

Item                                    units                                       Equivalent unit

transferred                       29,000        100%× 29,000    =          29,000

Closing inventory                3,000          76%×  3,000   =           <u> 2280 </u>

Total equivalent unit                                                                    <u>31,280</u>

<em>Equivalent unit for conversion cost= 31,280 units</em>

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