Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston plant: Work-in-process inventory, September 1 Direct materials 4,100,000 gallons 50% completed 20% completed Conversion 6,000,000 gallons Units started in process during September Work-in-process inventory, September 30 Direct materials 2,630,000 gallons 40% completed 60% completed Conversion Required: 1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method. 2. Compute the equivalent units of direct materials and conversion for the month of September using the FIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method.

Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston plant: Work-in-process inventory, September 1 Direct materials 4,100,000 gallons 50% completed 20% completed Conversion 6,000,000 gallons Units started in process during September Work-in-process inventory, September 30 Direct materials 2,630,000 gallons 40% completed 60% completed Conversion Required: 1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method. 2. Compute the equivalent units of direct materials and conversion for the month of September using the FIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method.

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston plant:
Work-in-process inventory, September 1
4,100,000
Direct materials
Conversion.
gallons
50% completed
20% completed
gallons.
gallons
6,000,000
Units started in process during September
Work-in-process inventory, September 30
Direct materials
2,630,000
Conversion
40% completed
completed
60%
Required:
1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method.
2. Compute the equivalent units of direct materials and conversion for the month of September using the FIFO method.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average
method.
Eiuslant nite

wwwwwww
1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method.
2. Compute the equivalent units of direct materials and conversion for the month of September using the FIFO method.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average
method.
Equivalent Units
Direct materials
Conversion i
Regold
Required 2 >

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