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Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department Conversion costs are incurred uniformly throughout the manufacturing process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing department. Information for the Cutting department for the month of May follows. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Cutting department follows: Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 81,500 Units 55,500 236,000 211,000 80,500 45,050 $ 126,550 $ 410,640 407,300 Direct materials Percent Complete 100% 100% Conversion Percent Complete 35% 15% 817,940 If Pitt Enterprises uses the FIFO method of process costing, compute the cost per equivalent unit for direct materials and conversion costs respectively for May

Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department Conversion costs are incurred uniformly throughout the manufacturing process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing department. Information for the Cutting department for the month of May follows. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Cutting department follows: Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 81,500 Units 55,500 236,000 211,000 80,500 45,050 $ 126,550 $ 410,640 407,300 Direct materials Percent Complete 100% 100% Conversion Percent Complete 35% 15% 817,940 If Pitt Enterprises uses the FIFO method of process costing, compute the cost per equivalent unit for direct materials and conversion costs respectively for May

FINANCIAL ACCOUNTING
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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Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department Conversion costs are incurred uniformly throughout the manufacturing process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing department. Information for the Cutting department for the month of May follows. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Cutting department follows: Beginning work in process Direct materials Conversion Costs added this period. Direct materials Conversion $ 81,500 Units 55,500 236,000 211,000 80,500 45,050 $ 126,550 $ 410,640 407,300 817,940 Direct materials Conversion Percent Percent Complete 100% 100% Complete 35% 15% If Pitt Enterprises uses the FIFO method of process costing, compute the cost per equivalent unit for direct materials and conversion costs respectively for May
Transcribed Image Text:Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department Conversion costs are incurred uniformly throughout the manufacturing process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing department. Information for the Cutting department for the month of May follows. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Cutting department follows: Beginning work in process Direct materials Conversion Costs added this period. Direct materials Conversion $ 81,500 Units 55,500 236,000 211,000 80,500 45,050 $ 126,550 $ 410,640 407,300 817,940 Direct materials Conversion Percent Percent Complete 100% 100% Complete 35% 15% If Pitt Enterprises uses the FIFO method of process costing, compute the cost per equivalent unit for direct materials and conversion costs respectively for May
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