Of Production Data For The Tw 0- 2 CengageNOWv2 | Online teaching and learning r

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Of Production Data For The Tw 0- 2 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Equivalent Units of Production: Average Cost Method The following information concerns production in the Finishing Department for May. The Finishing Department uses the average cost method. ACCOUNT Work in Process-Finishing Department Date ACCOUNT NO. Item Debit Credit Balance Debit Credit 41,600 166,040 243,240 321,640 12,188 12,188 May Bal, 10,400 units, 70% completed 1 31 Direct materials, 51,000 units 31 Direct labor 31 Factory averhead 31 Goods transferred, 54,100 units 31 Bal., 2 units, 30% completed 124,440 77,200 78,400 309,452 a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Whole units Equivalent units of production Check My Work All work saved

Explanation / Answer

beginning units 10400 Transferred out 54,100 Started intro production 51000 Ending units (61400-54100) 7,300 Units accounted for 61400 61400 Equivalent units Material Conversion Units transferred                      A 54100 54100 Ending Units 7,300 7,300 Completion 100% 30% B 7300 2190 Total units 61400 56290

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