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 May 1 Bal., 12,700 units, 75% completed 31 Direct materials, 62,200 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 66,000 units 31 Bal., 2 units, 30% completed a. Determine the number of units in work in process inventory at the end of the month. units Whole units to be accounted for Whole units to be assigned costs Equivalent units of production units units units Credit 189,710 117,600 119,500 471,900 Balance Debit 63,500 253,210 370,810 490,310 18,410 18,410 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. Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
May 1 Bal., 12,700 units, 75% completed
31 Direct materials, 62,200 units
31 Direct labor
31 Factory overhead
-31 Goods transferred, 66,000 units
31 Bal., 2 units, 30% completed
101
Whole units to be accounted for
Whole units to be assigned costs
Equivalent units of production
Of
%
Item
a. Determine the number of units in work in process inventory at the end of the month.
units
2
T
40
6
Main.do?invoker=&takeAssi... A" to
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.
Y
1₂
&
4
7
units
units
units
Debit
189,710
117,600
119,500
+
$ M 22
8
Credit
471,900
9
Balance
P
Debit
63,500
253,210
370,810
490,310
18,410
18,410
Credit
P
43°F
Previous
Next
insert
9:30
3/13/
prt s
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 ACCOUNT NO. Date May 1 Bal., 12,700 units, 75% completed 31 Direct materials, 62,200 units 31 Direct labor 31 Factory overhead -31 Goods transferred, 66,000 units 31 Bal., 2 units, 30% completed 101 Whole units to be accounted for Whole units to be assigned costs Equivalent units of production Of % Item a. Determine the number of units in work in process inventory at the end of the month. units 2 T 40 6 Main.do?invoker=&takeAssi... A" to 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. Y 1₂ & 4 7 units units units Debit 189,710 117,600 119,500 + $ M 22 8 Credit 471,900 9 Balance P Debit 63,500 253,210 370,810 490,310 18,410 18,410 Credit P 43°F Previous Next insert 9:30 3/13/ prt s
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