Response to the following problem:
Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October:
| |
|
Percent Completed |
|
|
|
Units
|
Materials
|
Conversion
|
|
Work in process, October 1 .....................
|
30,000
|
65%
|
30%
|
|
Work in process, October 31 ......... ......
|
15,000
|
80%
|
40%
|
The department started 175,000 units into production during the month and transferred 190.000 completed units to the next department.
Required:
Compute the equivalent units of production for October assuming that the company uses the weighted-average method of accounting for units andcosts.