15. Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units.go? Complete/ Transferred Ending Inventory Total % Work Done? 4,800 100% 900 100% 5,700 Equivalent Units Direct % Work Materials Done? 4,800 900 5,700 100% 70% Conversion Costs 4,800 630 5,430 Also assume that the beginning inventory had accumulated $2,850 of materials and $7,930 of conversion costs in the previous month. During the month of July, current costs included $34,998 of materials and $97,412 of conversion costs. Calculate the average cost per equivalent unit for materials costs for the month of July. a. $0.15 b. $0.50 c. $6.14 $6.64

15. Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units.go? Complete/ Transferred Ending Inventory Total % Work Done? 4,800 100% 900 100% 5,700 Equivalent Units Direct % Work Materials Done? 4,800 900 5,700 100% 70% Conversion Costs 4,800 630 5,430 Also assume that the beginning inventory had accumulated $2,850 of materials and $7,930 of conversion costs in the previous month. During the month of July, current costs included $34,998 of materials and $97,412 of conversion costs. Calculate the average cost per equivalent unit for materials costs for the month of July. a. $0.15 b. $0.50 c. $6.14 $6.64

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer the below question ASAP. Fahim Corporation uses the weighted-average method in its process costing system. Following are the operating data for the first processing department for the month of June appear below: Units Percent Complete with Respect to Material Beginning work in process inventory....... 45,000 60% Started into production during June................. 105,000 Ending work in process inventory..................... 27,000 30% According to the company’s records, the material cost in beginning work in process inventory was Rs. 334,954 at the beginning of June. Additional material costs of Rs. 612,899 were incurred in the department during the month. The cost per equivalent unit (single unit cost) for material costs for the month is closest to:
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