Time remalning: 1:46:29 20.00 points Clonex Labs, Inc., uses a process costing s
ID: 2338839 • Letter: T
Question
Time remalning: 1:46:29 20.00 points Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October: Percent Completed Work Work in process, October 31 Units Materials Conversion 45,000 90% 26,000 69% in process, October 1 55% 52% The department started 394,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October, assuming that the company uses the weighted- average method of accounting for units and costs. Materials Conversion Equivalent units of productionExplanation / Answer
Answer
Units Reconciliation
Units to account for:
Beginning WIP
45,000
Units started this period
394,000
Total Units to account for
439,000
Total Units accounted for:
Completed & Transferred out
413,000
Ending WIP
26,000
Total Units accounted for
439,000
EUP - Weighted Average Method
Units
% Material
EUP Materials
% Conversion
EUP - Conversion
Units TRANSFERRED
413,000
100%
413,000
100%
413,000
Units of ENDING WIP
26,000
69%
17,940
52%
13,520
Equivalent Units of Production
430,940 = Answer
426,520 = Answer
Equivalent units of production:
>For Material = 430,940 units
>For Conversion cost = 426,520 units
Units Reconciliation
Units to account for:
Beginning WIP
45,000
Units started this period
394,000
Total Units to account for
439,000
Total Units accounted for:
Completed & Transferred out
413,000
Ending WIP
26,000
Total Units accounted for
439,000
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