Physical Flow and Equivalent Units; Weighted-Average
The Evanston plant of Fit-for-Life Foods Corporation produces low-fat salad dressing. The following data pertain to the year just ended.
|
| Percentageof Completion | |
| Units | DirectMaterial | Conversion |
Work in process, January 1 | 20,000 lb. | 80% | 60% |
Work in process, December 31 | 15.000 lb. | 70% | 30% |
During the year, the company started 120,000 pounds of material in production.
Required: Prepare a schedule analyzing the physical flow of units and computing the equivalent units of both direct material and conversion for the year. Use weighted-average process costing.
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