Gamma, Inc. manufactures a product that passes through two production processes. A quantity schedule for a recent month for the first process follows: Units to be accounted for: Work in process, May 1 ( 60 % materials, 75% conversion cost added last month) Started into production Total units Quantity Schedule Costs in the beginning work-in-process Inventory of the first processing department were materials, $10,938; and conversion cost, $18,000. Costs added during the month were materials, $104,814; and conversion cost, $543,645. Units accounted for as follows: Transferred to the next process Work in process, May 31 (all materials, 60% conversion cost added this month) Total units and equivalent units of production 62,000 226,000 288,000 Required: 1. Assume that the company uses the weighted average cost method of accounting for units and costs. Determine the equivalent units for the month for the first process. Cost per equivalent unit Quantity Schedule 268,000 28,800 288,000 Equivalent Units (EU) Materials Conversion 2. Compute the costs per equivalent unit for the month for the first process. (Round your answers to 3 decimal places.) 0 Materials Conversion Whole Unit

Gamma, Inc. manufactures a product that passes through two production processes. A quantity schedule for a recent month for the first process follows: Units to be accounted for: Work in process, May 1 ( 60 % materials, 75% conversion cost added last month) Started into production Total units Quantity Schedule Costs in the beginning work-in-process Inventory of the first processing department were materials, $10,938; and conversion cost, $18,000. Costs added during the month were materials, $104,814; and conversion cost, $543,645. Units accounted for as follows: Transferred to the next process Work in process, May 31 (all materials, 60% conversion cost added this month) Total units and equivalent units of production 62,000 226,000 288,000 Required: 1. Assume that the company uses the weighted average cost method of accounting for units and costs. Determine the equivalent units for the month for the first process. Cost per equivalent unit Quantity Schedule 268,000 28,800 288,000 Equivalent Units (EU) Materials Conversion 2. Compute the costs per equivalent unit for the month for the first process. (Round your answers to 3 decimal places.) 0 Materials Conversion Whole Unit

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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