Chap 4 Q1 Clonex Labs, Inc., uses a process costing system. The following data a
ID: 2481049 • Letter: C
Question
Chap 4 Q1
Clonex Labs, Inc., uses a process costing system. The following data are available for one department
for October:
Percent Completed
The department started 396,000 units into production during the month and transferred 408,000 completed units to the next department.
Compute the equivalent units of production for October, assuming that the company uses the weighted-average method of accounting for units and costs.
Clonex Labs, Inc., uses a process costing system. The following data are available for one department
for October:
Explanation / Answer
Solution:
Weighted Average Method
Statement of Equivalent Production Unit
Material
Conversion
Units
Equivalent Completion %
Equivalent Units
Equivalent Completion %
Equivalent Units
Completed & Transferred Units
408,000
100%
408,000
100%
408,000
Ending Work In Process, October 31
38,000
73%
27,740
49%
18,620
435,740
426,620
Material
Conversion
Equivalent Units of Production
435,740
426,620
Material
Conversion
Units
Equivalent Completion %
Equivalent Units
Equivalent Completion %
Equivalent Units
Completed & Transferred Units
408,000
100%
408,000
100%
408,000
Ending Work In Process, October 31
38,000
73%
27,740
49%
18,620
435,740
426,620
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