In: Accounting
Laser Resources produces and sells laser components and accessories. All materials are added at the beginning of the process. It has compiled the following information regarding its physical units for the month of November:
Physical Units | |||
Beginning work in process, 65% complete for conversion | 34,000 | ||
Units started | 74,000 | ||
Units transferred out | 67,000 | ||
Ending work in process, 15% complete for conversion | |||
Required:
1. Using the weighted-average method, reconcile the number of physical units.
2. Using the weighted-average method, calculate equivalent units for materials and conversion cost.