Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average method of inventory. Below is data provided from the firm: Beginning Work in Process Direct Materials 100% Conversion Costs 40% Units started Units Completed Ending Work in Process Direct Materials 100% Conversion Costs 80% Current Costs Direct Materials Conversion Costs 31,000 units $62,000 $26,000 70,000 70,000 30,000 units $123,000 $299,000 1. Find equivalent units for direct materials and conversion 2. Find the cost per equivalent unit for direct materials and conversion 3. Assign total manufacturing costs to appropriate units
Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average method of inventory. Below is data provided from the firm: Beginning Work in Process Direct Materials 100% Conversion Costs 40% Units started Units Completed Ending Work in Process Direct Materials 100% Conversion Costs 80% Current Costs Direct Materials Conversion Costs 31,000 units $62,000 $26,000 70,000 70,000 30,000 units $123,000 $299,000 1. Find equivalent units for direct materials and conversion 2. Find the cost per equivalent unit for direct materials and conversion 3. Assign total manufacturing costs to appropriate units
Chapter5: Process Costing
Section: Chapter Questions
Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in...
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