FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Insetto Biological Manufacturing produces a pesticide chemical and uses process costing. There are three processing
departments—​Mixing,
​Refining, and Packaging. On January​ 1, the first
department—Mixing—had
no beginning inventory. During​ January, 40,000 fl. oz. of chemicals were started in production. Of​ these, 31,000 fl. oz. were completed and​ 9,000 fl. oz. remained in process. In the Mixing​ Department, all direct materials are added at the beginning of the production​ process, and conversion costs are applied evenly throughout the process. The​ weighted-average method is used.
 
At the end of the​ month, Insetto calculated equivalent units. The ending inventory in the Mixing Department was​ 60% complete with respect to conversion costs. With respect to conversion​ costs, how many equivalent units were calculated for the product that was completed and for ending​ inventory?
 
A.
Product​ completed: 40,000 equivalent​ units; Products in ending​ inventory: 5,400 equivalent units
 
B.
Product​ completed: 31,000 equivalent​ units; Products in ending​ inventory: 5,400 equivalent units
 
C.
Product​ completed: 31,000 equivalent​ units; Products in ending​ inventory: 9,000 equivalent units
 
D.
Product​ completed: 40,000 equivalent​ units; Products in ending​ inventory: 9,000 equivalent units
 
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