Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed) $ 122,700 Conversion (56% completed) 77,150 Balance in work in process inventory, July 1 $ 199,850 Units started during July 93,000 Units completed and transferred 107,400 Work-in-process inventory, July 31: Direct materials (94% completed) 24,600 Conversion (56% completed) Cost incurred during July: Direct materials $ 183,000 Conversion costs 291,000 Total equivalent units for materials under the weighted-average method are calculated to be:
Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed) $ 122,700 Conversion (56% completed) 77,150 Balance in work in process inventory, July 1 $ 199,850 Units started during July 93,000 Units completed and transferred 107,400 Work-in-process inventory, July 31: Direct materials (94% completed) 24,600 Conversion (56% completed) Cost incurred during July: Direct materials $ 183,000 Conversion costs 291,000 Total equivalent units for materials under the weighted-average method are calculated to be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method.
|
Data for July: |
|
|
Work-in-process inventory, July 1 (39,000 units): |
|
|
Direct materials (94% completed) |
$ 122,700 |
|
Conversion (56% completed) |
77,150 |
|
Balance in work in process inventory, July 1 |
$ 199,850 |
|
Units started during July |
93,000 |
|
Units completed and transferred |
107,400 |
|
Work-in-process inventory, July 31: |
|
|
Direct materials (94% completed) |
24,600 |
|
Conversion (56% completed) |
|
|
Cost incurred during July: |
|
|
Direct materials |
$ 183,000 |
|
Conversion costs |
291,000 |
Total equivalent units for materials under the weighted-average method are calculated to be:
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