Question

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

Clonex Labs, Inc., uses the FIFO 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 28,000 64 % 27 %
Work in process, October 31 20,000 82 % 40 %

The department started 167,000 units into production during the month and transferred 175,000 completed units to the next department.

Required:

Compute the equivalent units of production for materials and conversion for October.

Homework Answers

Answer #1
Materials Conversion
To complete Work in process, October 1 10080 20440
Units started and completed 147000 147000
Work in process, October 31 16400 8000
Equivalent units of production 173480 175440
Workings:
Materials Conversion
To complete Work in process, October 1 =28000*(1-64%) =28000*(1-27%)
Units started and completed =175000-28000 =175000-28000
Work in process, October 31 =20000*82% =20000*40%
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