Cordon Processing Uses a Process Costing System to Account for Its

question 102

Essay

Cordon Processing uses a process costing system to account for its solvent plant. Beginning inventory consisted of 14,000 gallons (80% complete as to materials, 55% complete as to conversion). Cordon added 213,000 gallons into the process during April. On April 30, there were 18,000 gallons still in process (60% complete as to materials, 45% complete as to conversion).
Required:
(a) Calculate the equivalent units of production for each input, assuming Cordon uses weighted-average.
(b) Calculate the equivalent units of production for each input, assuming Cordon uses FIFO.

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Definitions:

Involuntary Reflexes

Automatic, unconscious body responses to certain stimuli that do not involve the brain's direct command.

Conditioning

A process of behavior modification by which a subject comes to associate a desired behavior with a previously unrelated stimulus.

Handedness

The preference most people show for using one hand over the other for tasks; typically described as being right-handed, left-handed, or ambidextrous.

Hereditary

Pertaining to the passing of traits from parents to their offspring through genes.