Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average method of inventory. Below is data provided from the firm: Beginning Work in Process Direct Materials 100% Conversion Costs 40% Units started Units Completed Ending Work in Process Direct Materials 100% Conversion Costs 80% Current Costs Direct Materials Conversion Costs 31,000 units $62,000 $26,000 70,000 70,000 30,000 units $123,000 $299,000 1. Find equivalent units for direct materials and conversion 2. Find the cost per equivalent unit for direct materials and conversion 3. Assign total manufacturing costs to appropriate units
Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average method of inventory. Below is data provided from the firm: Beginning Work in Process Direct Materials 100% Conversion Costs 40% Units started Units Completed Ending Work in Process Direct Materials 100% Conversion Costs 80% Current Costs Direct Materials Conversion Costs 31,000 units $62,000 $26,000 70,000 70,000 30,000 units $123,000 $299,000 1. Find equivalent units for direct materials and conversion 2. Find the cost per equivalent unit for direct materials and conversion 3. Assign total manufacturing costs to appropriate units
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average
method of inventory. Below is data provided from the firm:
Beginning Work in Process
Direct Materials 100%
Conversion Costs 40%
Units started
Units Completed
Ending Work in Process
Direct Materials 100%
Conversion Costs 80%
Current Costs
Direct Materials
Conversion Costs
31,000 units
$62,000
$26,000
70,000
70,000
30,000 units
$123,000
$299,000
1. Find equivalent units for direct materials and conversion
2. Find the cost per equivalent unit for direct materials and conversion
3. Assign total manufacturing costs to appropriate units
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