The Evanston plant of Fit-for-Life Foods Corporation produces low-fat salad dressing. The following lata pertain to the year just ended. Percentage of Completion Units Direct Material Conversion Work in process, January 1 20,000 lb. 80% 60% Work in process, December 31 15,000 lb. 70% 30% During the year, the company started 120,000 pounds of material in production. Required: of both direct material and conversion for the year. Use weighted-average process costing. Prepare a schedule analyzing the physical flow of units and computing the equivalent units

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The Evanston plant of Fit-for-Life Foods Corporation produces low-fat salad dressing. The following
data pertain to the year just ended.
Percentage of Completion
Units
Direct Material
Conversion
Work in process, January 1
20,000 lb.
80%
60%
Work in process, December 31
15,000 lb.
70%
30%
During the year, the company started 120,000 pounds of material in production.
Prepare a schedule analyzing the physical flow of units and computing the equivalent units
Required:
of both direct material and conversion for the year. Use weighted-average process costing.
Transcribed Image Text:The Evanston plant of Fit-for-Life Foods Corporation produces low-fat salad dressing. The following data pertain to the year just ended. Percentage of Completion Units Direct Material Conversion Work in process, January 1 20,000 lb. 80% 60% Work in process, December 31 15,000 lb. 70% 30% During the year, the company started 120,000 pounds of material in production. Prepare a schedule analyzing the physical flow of units and computing the equivalent units Required: of both direct material and conversion for the year. Use weighted-average process costing.
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