Exercise 8-37 (Algo) Compute Costs per Equivalent Unit: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: $ 56,500 35,500 $ 92,000 Beginning inventory, 40,500 partially complete gallons, 30 percent complete with respect to conversion costs. $ 125,000 375,000 $ 500,000 Units started in July, 80,500 gallons. Units transferred out in July, 90,500 gallons. Ending inventory, 30,500 gallons, 45 percent complete with respect to conversion costs. Cost per equivalent unit Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs

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Chapter1: Financial Statements And Business Decisions
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Exercise 8-37 (Algo) Compute Costs per Equivalent Unit: Weighted-Average
Method (LO 8-2, 3)
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory
Materials cost
Conversion cost
Total
Current costs
Materials cost
Conversion cost
Total
Materials are added at the beginning of the process. The following quantities have been
recorded:
$ 56,500
35,500
$92,000
Beginning inventory, 40,500 partially complete gallons, 30 percent complete with respect to
conversion costs.
$ 125,000
375,000
$500,000
Units started in July, 80,500 gallons.
Units transferred out in July, 90,500 gallons.
Ending inventory, 30,500 gallons, 45 percent complete with respect to conversion costs.
Cost per equivalent unit
Required:
Compute the cost per equivalent unit for direct materials and conversion costs for July using the
weighted-average method.
Note: Round your answers to 2 decimal places.
Direct
Materials
Conversion
Costs
Transcribed Image Text:Exercise 8-37 (Algo) Compute Costs per Equivalent Unit: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: $ 56,500 35,500 $92,000 Beginning inventory, 40,500 partially complete gallons, 30 percent complete with respect to conversion costs. $ 125,000 375,000 $500,000 Units started in July, 80,500 gallons. Units transferred out in July, 90,500 gallons. Ending inventory, 30,500 gallons, 45 percent complete with respect to conversion costs. Cost per equivalent unit Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs
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