Question: QUESTION 1 State Chemical uses a weighted average process-costing system. The following data relate to the month of May: Work in process, May 1: 25,000

QUESTION 1 State Chemical uses a weighted average process-costing system. The

QUESTION 1 State Chemical uses a weighted average process-costing system. The following data relate to the month of May: Work in process, May 1: 25,000 pounds Direct Material 70% complete Conversion 80% complete Units started into production 80,000 pounds Work in process, May 31: 30,000 pounds Direct Material 40% complete Conversion 65% complete You are required to: a. Calculate the number of pounds completed during May. (3 marks) b. Calculate equivalent units of materials and conversion for May (4 marks) c. Does State Chemical introduce all of its direct materials at the very beginning of production? Explain your answer. (3 marks) d. Explain the needs for equivalent units and why separate equivalent-unit totals are calculated for direct material and conversion cost. (4 marks)

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