Question

Madison Corporation's production cycle starts in the Processing Department. The following information is available for May:...

Madison Corporation's production cycle starts in the Processing Department. The following information is available for May:

Units

Work-in-process, May 1 (30% complete)

80,000

Total units in process during May

340,000

Work-in-process, May 31 (80% complete)

30,000


Materials are added at the beginning of the process in the Processing Department. What are the equivalent units of production for the month of April, assuming Madison uses the weighted-average method?

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Answer #1

Equivalent Units of Production:

a. Materials = 340000

b. Conversion Costs =334000

Explanation:

Step 1: Calculation of Units Completed and Transferred to Finished Goods

Units in Process

340000

Less : Closing Work in Process

30000

Units completed and transferred

310000

Step 2: Determine Equivalent Units for each input component

Materials:

Completed and Transferred 100% = 310000×100%= 310000

Closing Work In process 100% = 30000×100%= 30000

Total = 340000

Conversion Costs:

Completed and Transferred 100% = 310000×100%=310000

Closing Work In process 80%=30000×80%=24000

Total =334000

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