Question: Larner Corporation uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

Larner Corporation uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

	Units	% Complete with respect to Conversion
Beginning work in process inventory	24,000	40%
Started into production during June	86,000
Ending work in process inventory	19,000	20%

According to the company's records, the conversion cost in beginning work in process inventory was $68,064 at the beginning of June.

Additional conversion costs of $585,324 were incurred in the department during the month.

MAKE SURE to SHOW YOUR WORK!

Required:

1. What are the equivalent units for conversion in ending WIP? (3 pts)

2. What are the equivalent units of production for conversion? (5 pts)

3. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.) (5 points)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q1. Hache Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in...

A. Perkins Company uses the weighted-average method in its process costing system. The company sold 250,000 units during the current month. The following data were taken from the company's accounting...

6. On March 1, Metevier Corporation had $37,000 of raw materials on hand. During the month, the company purchased an additional $62,000 of raw materials. During March, $69,000 of raw materials were...

Larner Corporation uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: Units Percent Complete with...

Larner Corporation uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: Percent Complete with Respect...

Larner Corporation uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: According to the company's...

1. (Points: 1) With respect to a corporation, select the statement that is correct. a. Its organization requires an approved charter which is governed by state law. b. Ownership rights to the...

1. (Points: 1) Managerial accounting: 2. (TCO F) The Colorado Company manufactures a product that goes through three processing departments. Information relating to activity in the first department...

Question 1 1 pts Managerial accounting: Managerial accounting: has its primary emphasis on the future. is required by regulatory bodies such as the SEC. focuses on the organization as a whole, rather...

During 2011, Schmaal Corporation had the following transactions relating to long-term liabilities: May 1 Purchased a machine costing $600,000 from Kretschmar Corporation. Issued a three-year,...

If a firm has a cash cycle of 67 days and an operating cycle of 104 days, what is its average payment period?

The process of using data contained in a business s financial statements to make judgments about financial conditions: Group of answer choices Key performance indicator analysis Operating indicator...

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

9. Are there consequences for colleagues who engage in demeaning or prejudicial behavior toward others?

13. Develop a detailed action plan to achieve this vision, and make commitments for particular actions necessary to bring your vision to fruition.

1. Do others see you acting comfortable around colleagues with nontraditional demographics (i.e., age, education, ethnicity, gender, race)?