Multiple Choice Question 64 Concord Company had the following department information about physical units and percentage of completion: Physical Units Work in process, May 1 (65%) 60800 Completed and transferred out 181000 Work in process, May 31 (35%) 50000 If all materials are added at the beginning of the production process, what is the total number of equivalent units for materials during May

Total Equivalent Units  Materials= 231,000  

Total Equivalent Units  Conversion Costs= 198500

Explanation:

Concord Company

Given

Physical Units

Work in process, May 1 (65%) 60800

Completed and transferred out 181000

Work in process, May 31 (35%) 50000

All materials are added at the beginning of the production process.

Particulars         Units      % of Completion                Equivalent Units

                                      Mat. Conversion Costs     Mat. Conversion Costs

W. I. P, May 31  50,000       100          (35%)             50,000         17500

Completed and

transferred out 181000    100          100                181000           181000      

Total Equivalent Units                                          231,000           198500

The equivalent units are calculated by either adding the beginning work in process and  units started or by adding Ending Wip and completed and transferred units.

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