Goode Company has the following production data for selected months. Compute equ

Question

Goode Company has the following production data for selected months.

Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.

Goode Company has the following production data for selected months Ending Work in Process Beginning Work in Process Units Transferred Out % Complete as to Conversion Cost Units Month January March July 35,000 10,000 40,000 45,000 16,000 40 % 75 25 0 8,000 0 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process Materials Conversion Costs January 45000 18000 March 48000 36000 July 61000 15250

Explanation / Answer

Goode Company Month Completed Closing % of Adjusted Equivalent Units WIP completion Closing WiP Units Total January Materials 35000 10000 100% 10000 45000 Conversion Costs 35000 10000 40% 4000 39000 March Materials 40000 8000 100% 8000 48000 Conversion Costs 40000 8000 75% 6000 46000 July Materials 45000 16000 100% 16000 61000 Conversion Costs 40000 16000 25% 4000 44000

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