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
Units Materials Conversion
Work in process,October 1 53,000 95 % 65 %
Work in process, October 31 36,000 71 % 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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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?

		Percent Completed
	Units	Materials		Conversion
Work in process,October 1	53,000	95	%	65	%
Work in process, October 31	36,000	71	%	53	%