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Question 2 Phantom Chemicals produces industrial solvents through a continuous process. For June 2 0 2 4 , the following information is provided: Work in
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Phantom Chemicals produces industrial solvents through a continuous process. For
June the following information is provided:
Work in progress WIP at the beginning of the month: liters,
complete.
Solvent produced during June : liters.
WIP at the end of the month: liters, complete.
Costs incurred during June :
Direct materials:
Conversion costs: R
a Calculate the equivalent production units for direct materials and conversion costs.
b Determine the cost per equivalent unit for direct materials and conversion costs.
c Compute the total cost of units completed and transferred out during June
d Explain how the process costing method helps in managing costs in continuous
production processes.
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