San Jose Inc. uses a weighted-average process costing system. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout production. The company started 70,000 units during May and had the following work-in-process inventories at the beginning and end of the month. May 1 30,000 units, 40% complete May 31 24,000 units, 25% complete Assuming no spoilage or defective units, the total equivalent units used to assign costs for May are: Materials Conversion Cost a. 70,000 70,000 b. 82,000 82,000 c. 100,000 70,000 d. 100,000 82,000

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.