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Murray Chemical Company refines a variety of petrochemical products. These data are from the firm’s Houston...

Murray Chemical Company refines a variety of petrochemical products. These data are from the firm’s Houston plant:

Work-in-process inventory, September 1 4,000,000 gallons
Direct materials 50 % completed
Conversion 20 % completed
Units started in process during September 4,850,000 gallons
Work-in-process inventory, September 30 2,400,000 gallons
Direct materials 40 % completed
Conversion 60 % completed

Required:

1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted-average method.

2. Compute the equivalent units of direct materials and conversion for the month of September using the FIFO method.

Business   Accounting   
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Answer #1
1 Whole units Equivalent units
Materials Conversion
Units completed and transfered out 6450000 6450000 6450000
Work in Process, October 30 2400000 960000 1440000
Equivalent units of Production 7410000 7890000
2 Whole units Equivalent units
Materials Conversion
Oprening Inventory 4000000 2000000 3200000
Units completed and transfered out 2450000 2450000 2450000
Work in Process, October 30 2400000 960000 1440000
Equivalent units of Production 3410000 3890000
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