Cordon Processing uses a process costing system to account for its solvent plant. Beginning inventory consisted of 14,000 gallons (80% complete as to materials, 55% complete as to conversion). Cordon added 213,000 gallons into the process during April. On April 30, there were 18,000 gallons still in process (60% complete as to materials, 45% complete as to conversion).Required:(a) Calculate the equivalent units of production for each input, assuming Cordon uses weighted-average.(b) Calculate the equivalent units of production for each input, assuming Cordon uses FIFO.
What will be an ideal response?
Transferred out: 14,000 + 213,000 - 18,000 = 209,000; Started & completed: 213,000 - 18,000 = 195,000.
(a)
EUP Materials: 209,000 + (60% × 18,000) = 219,800.
EUP Conversion: 209,000 + (45% × 18,000) = 217,100.
(b)
EUP Materials: (20% × 14,000) + 195,000 + (60% × 18,000) = 208,600.
EUP Conversion: (45% × 14,000) + 195,000 + (45% × 18,000) = 209,400.
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