Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 72,600 116,800 The equivalent units of activity for November were as follows: 7,700 equivalent units of direct material and 2,600 equivalent units of conversion activity. Direct material Conversion $528,000 879,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit

Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 72,600 116,800 The equivalent units of activity for November were as follows: 7,700 equivalent units of direct material and 2,600 equivalent units of conversion activity. Direct material Conversion $528,000 879,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit

Name: Idaho Lumber Company grows, harvests, and processes timber for use in
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Description: Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmillduring November.Work in process, November 1Direct materialConversionCosts incurred during NovemberDirect materialConv

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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Work in process account data for two months; cost of production reports Hearty Soup Co. uses process costing to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process-Filling on April 1 and debits to the account during April were as follows: Bal., 800 units, 30% completed: Direct materials (800 x $4.30) Conversion (800 x 30% × $1.75) From Cooking Department, 7,800 units Direct labor Factory overhead From Cooking Department, 9,600 units Direct labor Factory overhead During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in Process-Filling for May were as follows: ACCOUNT Department During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department,…
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