Question
Thank you in advance for answering, struggling a bit with this Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average
Thank you in advance for answering, struggling a bit with this
Murray Chemical Company refines a variety of petrochemical products. Murray uses the Weighted Average method of inventory. Below is data provided from the firm:
Beginning Work in Process 30,000 units
Direct Materials 100% $60,000
Conversion Costs 40% $25,000
Units started 60,000
Units Completed 70,000
Ending Work in Process 30,000 units
Direct Materials 100%
Conversion Costs 80%
Current Costs
Direct Materials $122,500
Conversion Costs $299,300
Beginning Costs
Direct Materials $30,000
Conversion Costs $85,000
- Find equivalent units for direct materials and conversion
- Find the cost per equivalent unit for direct materials and conversion
- Assign total manufacturing costs
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