Swan CorpBegan Work on 4,200 Units This Period

question 69

Essay

Swan Corp.began work on 4,200 units this period.Work in Process Inventory was 700 at the beginning of the period (60% complete)and 1,400 at the end of the period (50% complete).Swan uses the weighted average method of process costing.Direct materials are added at the beginning of the process,and conversion costs are incurred evenly throughout the period.
Required:
Using the weighted average method:
a.How many units were completed during the period?
b.Determine the number of equivalent units for direct materials.
c.Determine the number of equivalent units for conversion costs.

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Definitions:

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing the owner's claim on the company's resources.

Capital Account

An account showing the net worth of a business at a specific point in time, including the owner's investment and retained earnings.

Capital Balance

The amount of money or value of assets contributed by owners or partners to a business, reflecting their equity in the business.

Record Transaction

Recording transactions refers to the process of documenting financial transactions in the appropriate books of accounts as they occur, ensuring accurate financial records.