Exercise 5S-7 (Algo) Equivalent Units of Production and Cost per Equivalent Unit-FIFO Method [LO 5S-6,LO 5S-7]Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a product that passes through twodepartments. Data for a recent month for the first department follow:Work in process inventory, beginningUnits started in processUnits transferred outWork in process inventory, endingCost added during the monthUnits66,000629,0001. Equivalent units of production2. Cost per equivalent unit650,00045,000MaterialsMaterials$ 54,800$ 876,820$ 407,680$ 439,040The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor andoverhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to laborand overhead.Required:1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month.2. Compute the first department's cost per equivalent unit for materials, labor, overhead, and in total for the month. (Round youranswers to 2 decimal places.)LaborLabor$ 22,400OverheadOverhead$ 32,800Total

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Description: Exercise 5S-7 (Algo) Equivalent Units of Production and Cost per Equivalent Unit-FIFO Method [LO 5S-6,LO 5S-7]Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a product that passes through twodepartments. D

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Exercise 55-7 (Algo) Equivalent Units of Production and Cost per Equivalent Unit-FIFO Method [LO 5S-6 LO 5S-7] Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 1. Equivalent units of production 2. Cost per equivalent unit 650,000 45,000 Materials Materials $ 54,800 $ 876,820 $ 407,680 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labom and overhead. Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Compute the first department's cost per equivalent unit for materials, labor, overhead, and in total for the month. (Round your answers to 2 decimal places.) Labor $ 22,400 Overhead Overhead $ 32,800 Total $ 439,040

Exercise 55-7 (Algo) Equivalent Units of Production and Cost per Equivalent Unit-FIFO Method [LO 5S-6 LO 5S-7] Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 1. Equivalent units of production 2. Cost per equivalent unit 650,000 45,000 Materials Materials $ 54,800 $ 876,820 $ 407,680 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labom and overhead. Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Compute the first department's cost per equivalent unit for materials, labor, overhead, and in total for the month. (Round your answers to 2 decimal places.) Labor $ 22,400 Overhead Overhead $ 32,800 Total $ 439,040

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
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a. The cost of Work in process beginning, in Dept X is? b. The cost of Work in process -End, in Dept X is? c. The cost of Work in process beginning, in Dept X is?