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 process for conversion.Given that materials are added at the beginning of the process.BeginningQuarter WIPTransferred Conversion(%)134,350 133,55025522132,593 132,51524337133,245 133,43220487 134,845 134,03223What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.Quarter 1Quarter 2Quarter 3Quarter 41234-Started OutUnits for material costsUnits for conversion costs

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Description: 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 process for conversion.Given that materials are added at the beginn

Equivalent units is calculated by using weighted average method by blending together the units and…

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What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.

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

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

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 process for conversion.
Given that materials are added at the beginning of the process.
Beginning
Quarter WIP
Transferred Conversion
(%)
134,350 133,550
25
522
132,593 132,515
24
337
133,245 133,432
20
487 134,845 134,032
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
1
2
3
4
-
Started Out
Units for material costs
Units for conversion costs

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