Answer to Question #241554 in Economics for Paige Connor

Question

The Chatham Company makes chemical compounds in a single processing department. The following information about equivalent units and actual costs for July 19-7 is available. Direct Materials Conversion Costs Equivalent Units Total Costs Equivalent Units Total Costs Work in process, July 1* 20,000 $ 120,000 14,000 $ 140,000 Work done during July 19-7 30,000 210,000 28,000 301,000 To account for 50,000 $ 330,000 42,000 $ 441,000 Completed during July 19-7 34,000 ? 34,000 ? Work in process, July 31† 16,000 ? 8,000 ? * Degree of completion: direct materials, 100%; conversion costs, 70%. † Degree of completion: direct materials, 100%; conversion costs, 50%. REQUIRED: Summarize total costs to account for, and assign these costs to units completed (and transferred out) and to units in ending work in process using the weighted-average method.

Answer 1

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