P5-4 Calculation of equivalent units: beginning inventory

Reynolds Co. provides the following information regarding its units of production:

1,000 units in ending work in process, one third complete, on June 30.

47,000 units started in production during July, with 42,000 completed in addition to the beginning work in process, by the end of July.

The ending work in process inventory was two thirds complete at the end of July.

1. Map the calculation of the ewuivalent units of production for July using the format in Figure 5-6 of the chapter.

2. What would be the effect on unit cost and profit if the plant controller followed the plant manager's advice to ignore the fact that the ending work in process was only two thirds complete? Why might the plant manager make such a request and would the plant controller be violating any standards in the IMA Statement of Ethical Professional Practice by doing so?

Figure 5-6 is posted in the comments.