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Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are...

Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October:

Percent Completed
Units Materials Conversion
Work in process, October 1 54,000 95 % 60 %
Work in process, October 31 29,000 66 % 50 %

The department started 388,000 units into production during the month and transferred 413,000 completed units to the next department.

Required:

Compute the equivalent units of production for October.

Materials:

Conversion:

Business   Accounting   
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Answer #1

Solution:

Clonex Labs Inc.
Computation of Equivalent unit of Production
Equivalent units
Particulars Physical Units Material Conversion
Units to account for:
Beginning WIP 54000
Started into Production 388000
Total units to account for 442000
Units accounted for:
Unit completed & Transferred out 413000 413000 413000
Units in ending inventory: 29000
Material (66%) 19140
Conversion (50%) 14500
Equivalent units of production 442000 432140 427500
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