Terra Energy Company refines a variety of petrochemical products. The following data are from the firm's...

Question

Question

Terra Energy Company refines a variety of petrochemical products. The following data are from the firms Lodi plant. Work in

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ans;

	Direct materials	Conversion
Equivalent Units	2,420,000	2,626,500

Calculations:

(i) Units completed and transferred out in month of November:

	Units
Beginning Work-In Process	1,580,000
Started during the month	840,000
Ending Work-In Process	-268000
Completed and Transferred out	2152000

(ii) Calculation of Equivalent units of direct materials and conversion(Weighted average method):

	Direct Materials		Conversion
Completed and transferred out	2152000	100%	2152000	2436000	100%	2436000
Ending	268000	100%	268000	254000	75%	190500
Equivalent Units			2,420,000			2,626,500

Add a comment

Answer 2

Similar Homework Help Questions

Terra Energy Company refines a variety of petrochemical products. The following data are from the firm's...

Terra Energy Company refines a variety of petrochemical products. The following data are from the firm's Lodi plant. Work in process, November 1 Direct material Conversion Units started in process during November Work in process, November 30 Direct material Conversion 1,840,000 gallons 100% complete 40% complete 805,000 gallons 261,000 gallons 100% complete 75% complete Required: Compute the equivalent units of direct material and conversion for the month of November. Use the weighted average method of process costing. Equivalent Units 1,579,000...
Return to question Terra Energy Company refines a variety of petrochemical products. The following data are...

Return to question Terra Energy Company refines a variety of petrochemical products. The following data are from the firm's Lodi plant. 1.92 Work in prOCOS, November 1 Direct material Conversion Units started in process during November Work in process, November 30 Direct material Conversion 1,860,000 gallons 100# complete 30 $ complete 825.000 gallons 265,000 gallons 100# complete 808 complete Required: Compute the equivalent units of direct material and conversion for the month of November. Use the weighted average method of...
Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston...

Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston plant: Work-in-process inventory, September 1 Direct materials Conversion Units started in process during September Work-in-process inventory, September 30 Direct materials Conversion 4,620,000 gallons 50% completed 20% completed 5,820,000 gallons 3,180,000 gallons 40% completed 60% completed Required: 1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted average method. 2. Compute the equivalent units of direct materials...

Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston...

Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston plant: Work-in-process inventory, September 1 Direct materials Conversion Units started in process during September Work-in-process inventory, September 30 Direct materials Conversion 4,680,000 gallons 50% completed 20% completed 5,060,000 gallons 3,260,000 gallons 40% completed 60% completed Required: 1. Compute the equivalent units of direct materials and conversion for the month of September using the weighted average method. 2. Compute the equivalent units of direct materials...
Espresso Chemicals refines a variety of chemicals for cleaning products. The following data are from the...

Espresso Chemicals refines a variety of chemicals for cleaning products. The following data are from the company's Greenville plant: Work in Process, May 1 Direct material Conversion costs Units started in process during May Work in Process, May 31 Direct material Conversion costs 2415,500 gallons 100% complete 40% complete 747,200 pallons 249.800 gallons 100% complete 55% complete Compute the equivalent units for direct material and conversion costs for the month of May. Equivalent Unit Calculation Units Material Conversion Units completed...
Raleigh Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data...

Raleigh Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of November. Equivalent units of direct material (weighted-average method) 70,000 Equivalent units of conversion (weighted-average method) 60,000 Units completed and transferred out during November 57,000 The cost data for November are as follows: Work in process, November 1 Direct material $ 112,740 Conversion 54,108 Costs incurred during November Direct material $ 181,260 Conversion 293,892 There were...

Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data...

Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of September. Equivalent units of direct material (weighted-average method) 55,000 Equivalent units of conversion (weighted-average method) 47,000 Units completed and transferred out during September 45,000 The cost data for September are as follows: Work in process, September 1 Direct material $ 91,900 Conversion 41,580 Costs incurred during September Direct material $ 161,100 Conversion 254,520 There were...
Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data...

Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of September. Equivalent units of direct material (weighted average method) Equivalent units of conversion (weighted average method) Units completed and transferred out during September 75,000 67,000 65,000 The cost data for September are as follows: $ 109,300 53, 460 Work in process, September 1 Direct material Conversion Costs incurred during September Direct material Conversion $ 213,200...
Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain...

Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. $ 92,200 130,400 Work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $448,000 963,000 The equivalent units of activity for November were as follows: 7,300 equivalent units of direct material and 2,200 equivalent units of conversion activity. Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November....

Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain...

Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. $ 86,700 121,000 Work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $382,500 525,000 The equivalent units of activity for November were as follows: 6,800 equivalent units of direct material and 1,700 equivalent units of conversion activity. Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November....

Terra Energy Company refines a variety of petrochemical products. The following data are from the firm's...

Homework Answers