1. value: 30.00 points Clonex Labs, Inc., uses a process costing system. The fol
ID: 2427659 • Letter: 1
Question
1.
value:
30.00 points
Clonex Labs, Inc., uses a process costing system. The following data are available for one department
for October:
Percent Completed
Units Materials Conversion
Work in process, October 1 48,000 95% 60%
Work in process, October 31 30,000 69% 50%
The department started 396,000 units into production during the month and transferred 414,000 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.
Explanation / Answer
Answer
Equivalent units of production for October - Material = 434700
Equivalent units of production for October - Conversion = 429000
Working
Equivalent Unit Unit Material Conversion Cost % Completed Unit % Completed Unit Unit Completed & transferred 414000 100% 414000 100% 414000 Closing WIP 30000 69% 20700 50% 15000 Total Units 444000 Equivalent Unit 434700 429000Related Questions
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