Cordon Processing Uses a Process Costing System to Account for Its

question 46

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 material,55% complete as to labor).Cordon added 213,000 gallons into the process during April.On April 30^th there were 18,000 gallons still in process (60% complete as to material,45% complete as to labor).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:

Fourth Of July

This term refers to Independence Day in the United States, a federal holiday commemorating the adoption of the Declaration of Independence on July 4, 1776.

Capitalization

The process of using uppercase letters at the beginning of sentences and proper nouns, or the total value of a company's outstanding shares.

Numbers Use

The application or utilization of figures and numerical data in analysis, calculations, or statistical studies.

1/3rd

A fractional value representing one part out of three equal parts of a whole.