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.

Question

Quizplus · Accepted Answer

The Answer of 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.

Cordon Processing Uses a Process Costing System to Account for Its