OMalley Corp. uses a weighted average process costing system. Material is added at the beginning of the
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O’Malley Corp. uses a weighted average process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor. O’Malley’s records indicate that 70,000 units were in process at the beginning of May 2010; these units were 35 percent complete as to conversion. In May, the company started 445,300 and completed 427,500 units. May’s ending inventory was 30 percent complete as to conversion.
a. What are the equivalent units of production for direct material?
b. What are the equivalent units of production for conversion?
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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a b Beginning WIP inventory 70000 Beginning WIP inventory 70000 Started 445300 Started ...View the full answer
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ISBN: 9781618533531
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