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

Question 1

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

• Beginning inventory, 42,900 partially complete gallons.

• Transferred out, 207,200 gallons.

• Ending inventory (materials are 22 percent complete; conversion costs are 10 percent complete).

• Started this month, 236,700 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.

Question 2

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

• Beginning inventory, 43,000 partially complete gallons.

• Transferred out, 207,000 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 31 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.

Expert Solution

Question 1

Working

Units Reconciliation
*Units to account for:*
Beginning WIP	42,900
Units started this period	236,700
Total Units to account for	279,600
*Total Units accounted for:*
Completed & Transferred out	207,200
Ending WIP	72,400
Total Units accounted for	279,600

Answers

EUP - Weighted Average Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units TRANSFERRED	207,200	100%	207,200	100%	207,200
Units of ENDING WIP	72,400	22%	15,928	10%	7,240

Equivalent Units of Production			223,128 = Answer Requirement [a]		214,440 = Answer Requirement [b]

Question 2

-Working

Units Reconciliation
*Units to account for:*
Beginning WIP	43,000
Units started this period	236,000
Total Units to account for	279,000
*Total Units accounted for:*
Completed & Transferred out	207,000
Ending WIP	72,000
Total Units accounted for	279,000

-Answer

EUP - FIFO Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units of ENDING WIP	72,000	19%	13,680	11%	7,920
Units STARTED & COMPLETED	164,000	100%	164,000	100%	164,000
Units of beginning WIP	43,000	50%	21,500	69%	29,670
Equivalent Units of Production			199,180 = Answer Requirement [a]		201,590 = Answer Requirement [b]

ekkarill92 answered 1 year ago

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