Equivalent Units; Weighted-Average and FIFO Methods Industrial Chemical Company refines a variety of petrochemical products. These data are from the firm’s Houston plant:
Work-in-process inventory, September 1 | 4,000,000 gallons |
Direct materials | 100 percent completed |
Conversion | 25 percent completed |
Units started in process during September | 4,850,000 gallons |
Work-in-process inventory, September 30 | 2,400,000 gallons |
Direct materials | 100 percent completed |
Conversion | 60 percent completed |
Required Compute the equivalent units of direct material and conversion for the month of September. Use both the weighted-average and the FIFO methods.
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