FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020:
(Click the icon to view the data.)
Requirement
Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
Enter the physical units first, then calculate the equivalent units.
Flow of Production
Work in process beginning
Started during current period
To account for
Completed and transferred out during current period
Work in process, ending
Accounted for
Equivalent units of work done to date
Physical
Units
Data table
Beginning work in process (May 1)ª
Started in May 2020
Completed during May 2020
Ending work in process (May 31)
Total costs added during May 2020
Physical Units
Direct
(Watches) Materials
100
$459,888
Print
510
450
160
$3,237,000
aDegree of completion: direct materials, 80%; conversion costs, 35%.
bDegree of completion: direct materials, 80%; conversion costs, 40%.
Done
Conversion
Costs
$142,570
$1,916,000
-
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