Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department. Conversioncosts are incurred uniformly throughout the manufacturing process. As the cutting of material is completed, the pieces are immediately transferred to theSewing department. Information for the Cutting department for the month of May follows.UnitsDirect materialsPercent CompleteConversion PercentBeginning work in process inventory51,000100%Complete35%Units started this period227,000Units completed and transferred outEnding work in process inventory202,00076,000100%15%Production cost information for the Cutting department follows:Beginning work in processDirect materialsConversionCosts added this periodDirect materialsConversion$ 72,50036,050$ 108,550$ 718,480995,580 $ 1,714,060If Pitt Enterprises uses the weighted-average method of process costing, compute the equivalent units for direct materials and conversion respectivelyfor May.

Step 1:Under weighted average method, equivalent units is the sum of equivalent units completed…

Answered: Pitt Enterprises manufactures jeans.…

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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Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,300 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Units 3,200 12,300 10, 200 5,300 Total costs accounted for Percent Complete for Direct Materials 75% $ 1,143 624 1,143 13,827 17,856 CARLBERG COMPANY Cost assignment-FIFO EUP Assign costs to the Assembly department's output-specifically, the units transferred…
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Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,200 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory. Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Cost per Equivalent Unit of Production Costs added this period Costs of beginning work in process Total costs + Equivalent units of production Cost per equivalent unit of production Units 3,000 12,200 10,000 5,200 Direct Materials $ Percent. Complete for Direct Materials 70% $ 1,484 804 12,936 16,926 85% Calculate the Assembly department's cost per equivalent unit of production for materials and for conversion for November. Use the weighted average method. 1,484 1,484 $ $ 2,288…
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Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company’s production schedule for May: Tons of Pulp Percent Completed Materials Conversion Work-in-Process Inventory, May 1 5,000 100% 50% Started during May 15,000 Units to account for 20,000 Units from beginning Work-in-Process, which were completed and transferred out during May 5,000 Started and completed during May 12,000 Work-in-Process Inventory, May 31 3,000 100% 50% Total units accounted for 20,000 The following cost data are available: Work-in-Process Inventory, May 1 Direct materials $ 94,000 Conversion 133,120 Costs incurred during May Direct materials 229,800 Conversion 376,000 Required: 1. Calculate…
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,200 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Cost per Equivalent Unit of Production Costs added this period Units Total costs - Equivalent units of production Cost per equivalent unit of production 2,500 10,200 9,500 3,200 Percent Complete for Direct Materials 60% Direct Materials $964 1,519 11, 256 19,721 85% Calculate the Assembly department's cost per equivalent unit of production for materials and for conversion for November. Use the weighted average method. Conversion Percent Complete for Conversion 40% $ 2,483 30,977…
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