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Clonex Labs, Inc., uses the weighted-average method in itsprocess costing system. The following data...

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Accounting

Clonex Labs, Inc., uses the weighted-average method in itsprocess costing system. The following data are available for onedepartment for October:

Percent Completed
UnitsMaterialsConversion
Work in process,October 148,00085%60%
Work in process, October 3128,00067%49%

The department started 389,000 units into production during themonth and transferred 409,000 completed units to the nextdepartment.

Required:

Compute the equivalent units of production for October.

QUESTION 1) materials:

QUESTION 2) Conversion:

Answer & Explanation Solved by verified expert
3.7 Ratings (432 Votes)

Units

Reconciliation of Units

A

Opening WIP

              48,000

B

Introduced

            389,000

C=A+B

TOTAL

            437,000

D

Transferred

            409,000

E=C-D

Closing WIP

              28,000

Statement of Equivalent Units

Material

Conversion Cost

Units

Complete %

Equivalent units

Complete %

Equivalent units

Transferred

               409,000

100%

                409,000

100%

         409,000

Closing WIP

                  28,000

67%

                  18,760

49%

           13,720

Total

               437,000

Total

                427,760

Total

         422,720

Equivalent units

For material: 427,760 Units

For Conversion: 422,720 units

Note

When weighted average method is used percentage of Beginning inventory completed is not taken for any calculations.
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Transcribed Image Text

In: AccountingClonex Labs, Inc., uses the weighted-average method in itsprocess costing system. The following data are...Clonex Labs, Inc., uses the weighted-average method in itsprocess costing system. The following data are available for onedepartment for October:Percent CompletedUnitsMaterialsConversionWork in process,October 148,00085%60%Work in process, October 3128,00067%49%The department started 389,000 units into production during themonth and transferred 409,000 completed units to the nextdepartment.Required:Compute the equivalent units of production for October.QUESTION 1) materials:QUESTION 2) Conversion:

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