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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 153,00095%65%
Work in process, October 3136,00071%53%

The department started 394,000 units into production during themonth and transferred 411,000 completed units to the nextdepartment.

What is the Equivalent of production for Materials andConversion?

Answer & Explanation Solved by verified expert
3.7 Ratings (392 Votes)

Units

Reconciliation of Units

A

Opening WIP

53000

B

Introduced

            394,000

C=A+B

TOTAL

            447,000

D

Transferred

            411,000

E=C-D

Closing WIP

              36,000

Statement of Equivalent Units

Material

Conversion Cost

Units

Complete %

Equivalent units

Complete %

Equivalent units

Transferred

               411,000

100%

                411,000

100%

         411,000

Closing WIP

                  36,000

71%

                  25,560

53%

           19,080

Total

               447,000

Total

                436,560

Total

         430,080

Equivalent units

For material= 436560 Units

For Conversion = 430080 Units
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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 153,00095%65%Work in process, October 3136,00071%53%The department started 394,000 units into production during themonth and transferred 411,000 completed units to the nextdepartment.What is the Equivalent of production for Materials andConversion?

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