Given the following information, determine the equivalentunits of ending work in process for materials andconversion under the weighted-average method:• beginning inventory of 2,300 units is 100% complete withregard to materials and 60% complete with regard toconversion• 18,000 units were started during the period• 17,500 units were completed and transferredending inventory is 100% complete with materials and60% complete with conversionEquivalent units of ending work in process for MaterialsEquivalent units of ending work in process for Conversion

Beginning inventory 2,300 Add: units started 18,000 Less: Units completed and transferred…

Answered: ending work in proces ion under the…

Business

Accounting

ending work in proces ion under the weightec ning inventory of 2,300 to materials and 60% inn

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Opening Work-in -progress 10,000 units,80% complete as regards material and 60% complete as regards labour and overheads. Units introduced during the year is 20,000 units. During the current period 18000 units completed and obtained from the process. At the end of the period there were closing WIP of 12000 units which are 90% complete as regards materials and 80% as regards labour and overheads. Other details: Cost of 20,000 units introduced in current period is $2,08,000 • Labour and Overheads cost $1,08,000 • Cost of Opening WIP $138200 ($94000 materials and $43800 Labour and Overheads. Prepare Statement of Equivalent Production, Statement of Cost per unit and Statement of Valuation using FIFO method:
Total direct materials cost incurred in the current period is $90,000. Units completed during the current period plus equivalent units in ending work in process inventory are 18,000. The direct materials cost per equivalent unit for the current period is $4.5 True False
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