Swan Corp. began work on 4,200 units this period. Work in Process Inventory was 700 at the beginning of the period (60% complete) and 1,400 at the end of the period (50% complete). Swan uses the weighted average method of process costing. Direct materials are added at the beginning of the process, and conversion costs are incurred evenly throughout the period. Required:Using the weighted average method:a. How many units were completed during the period?b. Determine the number of equivalent units for direct materials.c. Determine the number of equivalent units for conversion costs.
What will be an ideal response?
a. 3,500 = 700 + 4,200 ? 1,400
b. 4,900 = (3,500 × 100%) + (1,400 × 100%)
c. 4,200 = (3,500 × 100%) + (1,400 × 50%)
Beginning units in process + units started = units completed + ending units in process. Equivalent units = physical units × percentage of completion. (The 60% is not relevant when using the weighted average method.)
You might also like to view...
In In re Jones, Jones graduated from college and then went to law school. He graduated from law school but was unable to pass the bar exam. Over the next decade he worked various jobs before going back to school again for a master's. Jones took out student loans to pay for his education, resulting in $140,000 of debt. He filed for bankruptcy and sought to have the student loans discharged for "undue hardship." Which of the following is the most likely holding of the court?
A. Jones had not met the undue hardship standard because he was well educated and able to work and presented no hardship such as illness or injury. B. Jones met the undue hardship standard because he demonstrated that he had made diligent efforts to find employment. C. Student loans are nondischargeable and not subject to the undue hardship standard. D. Jones met the undue hardship standard because the amount of money owed was too much for a person in his fifties to be able to pay.
Which of the following are generally supplementary information required by GAAP concerning the accounting treatments used by a company?
a. A Year-End Worksheet b. Management's Discussion and Analysis c. The Report of Independent Accountants d. Notes to the Consolidated Financial Statements
Which of the following is LEAST likely to be one of the main goals of layout planning?
A. achieving the appropriate product or service quality B. eliminating waste through the efficient use of workers and space C. eliminating bottlenecks in product or service flows D. achieving customer satisfaction
The three types of integer programming models are total, 0-1, and mixed
Indicate whether this statement is true or false.