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., 22,200 units, 65% completed 111,000 31 Direct materials, 108,800 units 331,840 442,840 31 Direct labor 205,700 648,540 31 Factory overhead 209,100 857,640 31 Goods transferred, 115,400 units 825,110 32,530 31 Bal., 2 units, 30% completed 32,530 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 placed in process during production. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 23E: The following information concerns production in the Finishing Department for May. The Finishing...
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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
Item
Debit
Credit
Balance
Debit
Credit
May
Bal., 22,200 units, 65% completed
111,000
31 Direct materials, 108,800 units
331,840
442,840
31
Direct labor
205,700
648,540
31 Factory overhead
209,100
857,640
31 Goods transferred, 115,400 units
825,110
32,530
31 Bal., ? units, 30% completed
32,530
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 a
placed in process during production.
Whole units to be accounted for
units
Whole units to be assigned costs
units
Equivalent units of production
units
Next
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 Item Debit Credit Balance Debit Credit May Bal., 22,200 units, 65% completed 111,000 31 Direct materials, 108,800 units 331,840 442,840 31 Direct labor 205,700 648,540 31 Factory overhead 209,100 857,640 31 Goods transferred, 115,400 units 825,110 32,530 31 Bal., ? units, 30% completed 32,530 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 a placed in process during production. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units Next
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