Question

Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Calculate the equivalent units of production for the year: Beginning Work in Process (30% complete, $2,500) 340 units Ending inventory of Work in Process (70% complete) 540 units Total units started during the year

Answer 1

Answer: See explanation

Explanation:

Your question isn't complete as you didn't provide the value for the total units started during the year. Let's assume that it is 3000.

Firstly, the units transferred for the year will be:

= Opening Stock + Total units started during the year - Ending inventory

= 340 + 3000 - 540

= 2800

Therefore, the equivalent units of production for the year will be:

= Transferred Units + (Closing work in progress × percentage of completion)

= 2800 + (70% × 540)

= 2800 + (0.7 × 540)

= 2800 + 378

= 3178

Therefore, the equivalent units of production for the year is 3178.