The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning Beginning Quarter WIP Started 1 2 3 522 337 487 Transferred Conversion Out 134,350 133,330 132,593 132,515 133,245 133,432 134,845 134,032 Units for material cont Unts for conversion co 25 24 20 23 What are the equivalent units for material and conversion costs for each quarter using the weighted average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.