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:

Liquidating a Partnership

The process of terminating a partnership by selling off assets, paying off creditors, and distributing the remaining assets to partners.

Divide Profits

The process of allocating earnings among shareholders, partners, or other stakeholders according to their ownership interests or agreement terms.

Remaining Cash

The amount of cash a business has after all expenses and distributions have been made.

Revaluation

The process of adjusting the book value of an asset to reflect its current market value.