Question

In: Accounting

Conlon Chemicals manufactures paint thinner. Information on the work in process follows: • Beginning inventory, 42,700...

Conlon Chemicals manufactures paint thinner. Information on the work in process follows:

• Beginning inventory, 42,700 partially complete gallons.

• Transferred out, 210,000 gallons.

• Ending inventory (materials are 19 percent complete; conversion costs are 10 percent complete).

• Started this month, 244,100 gallons.

Required:

a. Compute the equivalent units for materials using the weighted-average method.

Equivalent units (Gallons)

b. Compute the equivalent units for conversion costs using the weighted-average method.

Equivalent units (Gallons)

Solutions

Expert Solution

Materials Conversion Costs
Units transferred out 2,10,000 2,10,000
Equivalent units in ending inventory:
Materials:19% × 76,800 units 14,592
Conversion costs: 10% × 76,800 units 7680
Total equivalent units for all work done to date 2,24,592 2,17,680
Computation of Ending Inventory
Beginning Inventory                                               42,700
Unit Started                                            2,44,100
Less: Unit Trf Out                                          -2,10,000
Ending Inventory                                               76,800

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