1. Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 37,000...

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

Beginning inventory, 37,000 partially complete gallons.

Transferred out, 209,000 gallons.

Ending inventory (materials are 19 percent complete; conversion costs are 11 percent complete).

Started this month, 236,000 gallons.

Assume that beginning inventory is 50 percent complete with respect to materials and 32 percent complete with respect to conversion costs. Required:

a. Compute the equivalent units for materials using FIFO.

b. Compute the equivalent units for conversion costs using FIFO.

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

Beginning inventory, 39,800 partially complete gallons.

Transferred out, 213,700 gallons.

Ending inventory (materials are 18 percent complete; conversion costs are 10 percent complete).

Started this month, 237,100 gallons.

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

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

Expert Solution

Q1.

UNITS TO ACCOUNT FOR:
Beginning Work in Process units			37,000
Add: Units Started in Process			2,36,000
Total Units to account for:			2,73,000

UNITS TO BE ACCOUNTED FOR:
Units completed from beginning WIP		37000
Units started and completed			1,72,000
Ending Work in Process			64,000
Total Units to be accounted for:		2,73,000

Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed from Beg.	37000	50%	18,500	68%	25,160
Units started and completed	172000	100%	1,72,000	100%	1,72,000
Ending Work in Process	64000	19%	12,160	11%	7,040
Total Equivalent units	273000		2,02,660		2,04,200



Q2.
UNITS TO ACCOUNT FOR:
Beginning Work in Process units			37,000
Add: Units Started in Process			2,36,000
Total Units to account for:			2,73,000

UNITS TO BE ACCOUNTED FOR:
Units completed and transferred out		209000
Ending Work in Process			64,000
Total Units to be accounted for:		2,73,000


Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed and transferred out	209000	100%	2,09,000	100%	2,09,000
Ending Work in Process	64000	19%	12,160	11%	7,040
Total Equivalent units	273000		2,21,160		2,16,040

ekkarill92 answered 1 year ago

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