26. LO.2 & LO.3 (Cost per WA & FIFO EUP) Pylonic Mfg. produces concrete gardenborder sections. All material is added at the beginning of processing. Production andcost information for May 2010 are as follows:WA EUPDirect materialDirect labor160,000 sections152,000 sectionsOverhead150,000 sectionsFIFO EUPDirect material120,000 sectionsDirect labor124,000 sectionsOverhead132,000 sectionsBeginning WIP Inventory costsDirect material$19,600Direct labor6,320Overhead10,020Current period costsDirect material$54,000Direct labor34,720Overhead84,480a. What is the total cost to account for?b. Using weighted average process costing, what is the cost per equivalent unit for eachcost component?c. Using FIFO process costing, what is the cost per equivalent unit for cach costcomponent?d. How many units were in beginning inventory and at what percentage of completionwas cach cost component?

Process costing is the method where the cost is allocated at each process of production of goods.

LO.2 & LO.3 (Cost per WA & FIFO EUP) Pylonic Mfg. produces concrete garden border sections. All material is added at the beginning of processing. Production and cost information for May 2010 are as follows: WA EUP Direct material Direct labor 160,000 sections 152,000 sections Overhead 150,000 sections FIFO EUP Direct material 120,000 sections Direct labor 124,000 sections Overhead 132,000 sections Beginning WIP Inventory costs Direct material $19,600 Direct labor 6,320 10,020 Overhead Current period costs Direct material $54,000 Direct labor 34,720 Overhead 84,480 a. What is the total cost to account for? b. Using weighted average process costing, what is the cost per equivalent unit for cach cost component? c. Using FIFO process costing, what is the cost per equivalent unit for each cost component? d. How many units were in beginning inventory and at what percentage of completion was each cost component?

LO.2 & LO.3 (Cost per WA & FIFO EUP) Pylonic Mfg. produces concrete garden border sections. All material is added at the beginning of processing. Production and cost information for May 2010 are as follows: WA EUP Direct material Direct labor 160,000 sections 152,000 sections Overhead 150,000 sections FIFO EUP Direct material 120,000 sections Direct labor 124,000 sections Overhead 132,000 sections Beginning WIP Inventory costs Direct material $19,600 Direct labor 6,320 10,020 Overhead Current period costs Direct material $54,000 Direct labor 34,720 Overhead 84,480 a. What is the total cost to account for? b. Using weighted average process costing, what is the cost per equivalent unit for cach cost component? c. Using FIFO process costing, what is the cost per equivalent unit for each cost component? d. How many units were in beginning inventory and at what percentage of completion was each cost component?

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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