Markov Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department, Sculpting, for a recent month. Work-in-process, beginning: Units in process 200 Percent complete with respect to materials 50%Percent complete with respect to conversion 40%Units started into production during the month 11,000 Work-in-process, ending: Units in process 500 Percent complete with respect to materials 80%Percent complete with respect to conversion 10%Required:Using the weighted-average method, determine the equivalent units of production for materials and conversion costs.
What will be an ideal response?
Weighted-average method:
| Materials | Conversion | ||||||
| Transferred to next department | 10,700 | 10,700 | |||||
| Work-in-process, ending: | |||||||
| Materials: 500 units × 80% | 400 | ||||||
| Conversion: 500 units × 10% | 50 | ||||||
| Equivalent units of production | 11,100 | 10,750 | |||||
Business
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