Pureform, Incorporated, uses the FIFO method of process costing. It manufactures a product passing through two departments.Data for a recent month for the first department follow:bintsWork in process inventory, beginningUnits started in processUnits transferred outeBookPrintWork in process inventory, endingCost added during the monthReferencesUnits58,000549,000570,000Materials$ 56,200Labor$ 19,700Overhead$ 24,10037,000$ 627,670$ 164,130$ 191,485The beginning work in process inventory was 80% complete for materials and 65% complete for labor and overhead. The endingwork in process inventory was 60% complete for materials and 40% complete for labor and overhead.Required:1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month.2. Compute the first department's cost per equivalent unit for materials, labor, overhead, and in total for the month.Note: Round your answers to 2 decimal places.1. Equivalent units of productionMaterialsLaborOverheadTotal580,600

Equivalent Units Units Charged to production: Direct MaterialLaborOverheadInventory in process,…

Answered: Pureform, Incorporated, uses the FIFO…

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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Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
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Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…
Shirley Processing, Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Physical units Percentage Complete. Materials 107,000 100% Conversion 40% 957,000 1,064,000 975,500 100% 100% 88,500 100% 20% 1,064,000 Cost Beginning work-in-process Current period Total $ 186,570 1,871,298 Direct Materials $ 167,180 1,234,530 Conversion $ 19,390 636,768 Total $ 2,057,868 $ 1,401,710 $ 656,158 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing. Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Percent Completed Units 49,000 30,000 Materials 95% 72% Conversion 60% 51% The department started 394,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversion
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process—Mixing Department June 1 balance 41,000 Completed and transferred to Finished Goods ? Materials 134,065 Direct labor 86,500 Overhead 104,000 June 30 balance ? The June 1 work in process inventory consisted of 5,700 units with $21,780 in materials cost and $19,220 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 38,200 units were started into production. The June 30 work in process inventory consisted of 9,400 units that were 100% complete with respect to materials and…
Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Degree of Amount Completion Prior department costs transferred in from the Extruding Department Costs added by the Fabricating Department Direct materials Direct labor Manufacturing overhead Work in process, September 1 Direct materials Direct labor Manufacturing overhead Total costs added During September, 75,000 units were transferred in from the Extruding Department at a cost of $356,250. The Fabricating Department added the following costs: $ 214, 200 64,800 33,480 $ 312,480 Manufacturing overhead Direct materials. 100% Direct labor 60 50 $ 75,750 $36,000 9,300 8,520 $ 53,820 $…
Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Amount Degree of Completion Prior department costs transferred in from the Extruding Department $ 80,250 100% Costs added by the Fabricating Department Direct materials $ 40,500 90% Direct labor 10,200 70% Manufacturing overhead 9,420 35% $ 60,120 Work in process, September 1 $ 140,370 During September, 75,000 units were transferred in from the Extruding Department at a cost of $446,250. The Fabricating Department added the following costs: Direct materials $ 214,200 Direct labor 64,800 Manufacturing overhead 34,380 Total costs added $ 313,380…

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