FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Equivalent
The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method.
a. Determine the number of units in work in process inventory at the end of the month.
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.
Transcribed Image Text: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
Date
May
Item
units
Debit
1 Bal., 9,500 units, 65% completed
31 Direct materials, 46,600 units
31 Direct labor
31
Factory overhead
31 Goods transferred, 49,400 units
31 Bal., ? units, 30% completed
a. Determine the number of units in work in process inventory at the end of the month.
units
units
units
Credit
85,278
52,900
53,700
ACCOUNT NO.
211,926
Balance
Debit
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 accounted for
Whole units to be assigned costs
Equivalent units of production
28,500
113,778
166,678
220,378
8,452
8,452
Credit
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