Claus Corporation Manufactures a Single Product and Uses Process Costing

Essay

Claus Corporation manufactures a single product and uses process costing. As of the beginning of January, the company successfully implemented lean production. As a result, no work in process inventories were on hand at the end of January, as indicated by the data below:
Required:a. Assume the company uses the weighted-average method. Compute the equivalent units of production for January.b. Assume that the company uses the first-in, first-out method. Compute the equivalent units of production for January.c. If the company starts 450,000 units into production during the following month (February) has no ending work in process inventory in that month, what would be the equivalent units of production under the weighted-average method? The first-in, first-out method?