Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 53,000 36,000 Equivalent units of production Percent Completed Materials 90% 72% The department started 389,000 units into production during the month and transferred 406,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 65% 54% Conversion ...

Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance               Debit Credit May 1 Bal., 11,200 units, 80% completed         67,200       31 Direct materials, 54,900 units 200,934       268,134       31 Direct labor 124,600       392,734       31 Factory overhead 126,600       519,334       31 Goods transferred, 58,200 units     499,356   19,978       31 Bal., ? units, 30% completed         19,978     a.  Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b.  Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…

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Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.

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