A Company Uses a Process Cost Accounting System (A) Calculate the Equivalent Units of Production for Direct Labor

question 6

Essay

A company uses a process cost accounting system.The following information is available regarding direct labor for the current year:
$$\begin{array} {l l } \text { Goods in process, January } 1 & 5,500 \text { units, } 80 \% \\&\text { complete } \\\text { Goods in process, December } 31 & 8,800 \text { units, } 40 \% \\&\text { complete } \\\text { Units completed and transferred to } & \\\text { Finished goods } & 46,900 \text { units } \\\text { Direct labor costs during the year } & \$ 266,300\end{array}$$
(a) Calculate the equivalent units of production for direct labor for the year using weighted average.
(b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent).

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Definitions:

Transcriptional Activity

The process of copying a segment of DNA into RNA by the enzyme RNA polymerase, crucial in gene expression.

Noncoding Region

Sections of DNA that do not code for proteins but may have regulatory roles in gene expression, chromatin structure, and genome organization.

IGF2 Gene

A gene that encodes the insulin-like growth factor 2, playing a crucial role in growth and development, especially fetal growth.

Lactose Repressor

The lactose repressor is a protein that binds to the promoter region of the lactose operon in bacteria, regulating the metabolism of lactose by inhibiting the transcription of lactose-utilizing genes.