Question
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department...
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., 14,900 units, 65% completed | 74,500 | ||||||
| 31 | Direct materials, 73,000 units | 222,650 | 297,150 | ||||||
| 31 | Direct labor | 138,000 | 435,150 | ||||||
| 31 | Factory overhead | 140,300 | 575,450 | ||||||
| 31 | Goods transferred, 77,500 units | 554,125 | 21,325 | ||||||
| 31 | Bal., ? units, 25% completed | 21,325 | |||||||
a. Determine the number of units in work in process inventory at the end of the month.
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 accounted for | units |
| Whole units to be assigned costs | units |
| Equivalent units of production | units |
Answers
Requirement a
Units in ending Inventory = 10,400 units
Working
Reconciliation of Units A Beginning WIP 14,900 B Introduced 73,000 C=A+B TOTAL 87,900 D Transferred out 77,500 E=C-D Ending WIP 10,400 Requirement b
Whole units to be accounted for 87,900 units Whole units to be assigned costs 87,900 units Equivalent units of production 80,100 units .
Working
Statement of Equivalent Units(Weighted average) Units Complete % Equivalent units Transferred out 77,500 100% 77,500 Ending WIP 10,400 25% 2,600 Total 87,900 Total 80,100
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