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 76,000 719,000 740,000 55,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 68,400 $ 904,725 $ 372,370 $ 517,225 The beginning work in process inventory was 90% complete with respect to materials and 75% complete with respect to labor and overhead. The ending work in process inventory was 70% complete with respect to materials and 10% complete with respect to 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. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Materials 825,900 X Labor 781,500 x 1.09X $ Labor $ 30,200 0.48 x $ Overhead Overhead $ 41,900 781,500 x 0.48 x

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 76,000 719,000 740,000 55,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 68,400 $ 904,725 $ 372,370 $ 517,225 The beginning work in process inventory was 90% complete with respect to materials and 75% complete with respect to labor and overhead. The ending work in process inventory was 70% complete with respect to materials and 10% complete with respect to 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. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Materials 825,900 X Labor 781,500 x 1.09X $ Labor $ 30,200 0.48 x $ Overhead Overhead $ 41,900 781,500 x 0.48 x

Name: Pureform, Incorporated, uses the weighted-average method in its proce
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passesthrough two departments. Data for a recent month for the first department follow:Work in process inventory, beginningUnits s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Hi-T Company uses the weighted average method of process costing. Information for the company's…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: A company uses the FIFO method In Its process costing system. The following data concern the…

A: ''Since you have posted a question with multiple parts, we will solve the first three sub-parts for…

Q: Seacrest Company uses a process costing system. The company manufactures a product that is processed…

A: Introduction:A process costing system is a method used to determine the cost of producing a product…

Q: Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data…

A: Under this method, equivalent units are calculated by adding equivalent units transferred out and…

Q: please answer within the format by providing formula the detailed working Please provide answer in…

A: Equivalent units are units completed or manufactured in the particular period. Cost per equivalent…

Q: Superior Micro Products uses the weighted-average method in its process costing system. Data for the…

A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…

Q: Builder Products, Incorporated, uses the weighted-average method in its process costing system. It…

A: Cost per unit means the amount of cost incurred to make each unit or product. It include the cost of…

Q: Eve Company uses the weighted-average method in its process costing system. The following…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Watermelon Company uses the weighted-average method in its process costing system. Data concerning…

A: Cost of ending work in progress inventory is calculated by multiplying the number of equivalent…

Q: EXVAWY118 Corporation uses the weighted-average method in its process costing system. EXVAWY118's…

A: Given, Units transferred to next department = 7,100 Ending work in process inventory = 2,800

Q: Easy Inc. uses the FIFO method in its process costing system. The following data concern the…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Calculate the costs per equivalent unit of production for both direct materials and conversion for…

A: The weighted average method of equivalent units is a cost accounting technique used to allocate…

Q: Sparky Corporation uses the weighted-average method of process costing. The following information is…

A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…

Q: Richards Corporation uses the weighted-average method of process costing. The following information…

A: Equivalent units means units completed or manufactured in the particular period. Under weighted…

Q: Pureform, Inc., uses the weighted average method in its process costing system. It manufactures a…

A: The equivalent units of production for completed and transferred units is equal to the number of…

Q: The first production department in a process manufacturing system reports the following unit data.…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Superior Micro Products uses the weighted-average method in its process costing system. Data for the…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Sur Company uses the weighted-average method in its process costing system. Information for the…

A: Equivalent units are the units in production multiplied by the percentage of those units that are…

Q: Solve help

A: Step 1: Step 2: Step 3: Step 4:

Q: Jersey Company uses the weighted-average method in its process costing system. Operating data for…

A: First, compute the units completed and transferred out as shown below: Units completed and…

Q: XHBADU560 Corporation uses the weighted-average method in its process costing system. XHBADU560's…

A: XHBADU560 Corporation Production Cost report - First Processing Department Computation of…

Q: The Kawilihan Manufacturing Inc. uses a process cost accounting system. The production data for the…

A: Process costing is used in preparing a production cost report. A production cost report concludes…

Q: Stover Company uses the weighted-average method in its process costing system. Information…

A: Cost per Equivalent Unit The Calculation of Cost per equivalent unit in material which can be taken…

Q: Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following…

A: Process costing system is a costing method in which product has to go through several stages in…

Q: Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a…

A: Equivalent Units using FIFO Method:— Under this method, equivalent units is calculated by adding…

Q: Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The…

A: The equivalent cost can be calculated by dividing the total cost with equivalent units. Production…

Q: Roger Company uses the FIFO method in its process costing system. The following data are taken from…

A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production represents the production of a process in…

Q: Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: Hi-Test Company uses the weighted-average method of process costing to assign production costs to…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Vision LLC uses a weighted average process costing system. Materials are added at the beginning of…

A: The equivalent unit is computed by multiplying the completed units (and ending inventory units) by…

Q: Clonex Labs, Inc., uses the welghted-average method in its process costing system. The following…

A: Formula: Equivalent units of production = ( Units completed x percentage of completed ) + ( Ending…

Q: $61,908 $86,759

A: Equivalent units are partially completed units that are converted proportionate completed units.…

Q: Superior Micro Products uses the weighted-average method in its process costing system. Data for the…

A: Equivalent cost is evaluated based on the percentage of the work that is completed during the…

Q: Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that…

A: FIFO METHOD:— Under this method, equivalent units are calculated by adding equivalent units in…

Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

Topic Video

Question

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
76,000
719,000
740,000
55,000
1. Equivalent units of production
2. Cost per equivalent unit
Materials
$ 68,400
$ 904,725
$ 372,370
$ 517,225
The beginning work in process inventory was 90% complete with respect to materials and 75% complete with respect to labor and
overhead. The ending work in process inventory was 70% complete with respect to materials and 10% complete with respect to labor
and overhead.
> Answer is complete but not entirely correct.
Materials
825,900 x
Labor
781,500 X
$
Required:
1. Compute
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. (Round your answers to 2
decimal places.)
1.09 $
Labor
$ 30,200
0.48 X $
Overhead
Overhead
$ 41,900
781,500 X
0.48 x

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Inventory

VIEW

Step 2: 1) Calculation of equivalent units of production

VIEW

Step 3: 2) Calculation of cost per equivalent units

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor OverheadWork in process, May 1 . . . . . . . . . . . . . . . . . $18,000 $5,500 $27,500Cost added during May . . . . . . . . . . . . . . . $238,900 $80,300 $401,500Equivalent units of production . . . . . . . . . . . 35,000 33,000 33,000 Required:Compute the cost per equivalent unit for materials, labor, overhead, and in total.
Hh
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 33,500 70% 30% Units started this period 470,000 Completed and transferred out 468,500 Ending work in process inventory 35,000 90% 50% Production cost information for the forming department follows. Beginning work in process Direct materials $ 55,000 Conversion 22,100 $ 77,100 Costs added this period Direct materials 1,745,000 Conversion 1,154,020 2,899,020 Total costs to account for $ 2,976,120 Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Calculate the costs per equivalent unit of…
Pureform, Incorporated, uses the FIFO 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: Units Materials Labor Overhead Work in process inventory, beginning 60,000 $ 67,300 $ 11,400 $ 21,000 Units started in process 569,000 Units transferred out 590,000 Work in process inventory, ending 39,000 Cost added during the month $ 985,775 $ 225,800 $ 254,025 The beginning work in process inventory was 90% complete with respect to materials and 75% complete with respect to labor and overhead. The ending work in process inventory was 70% complete with respect to materials and 50% complete with respect to 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…
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,400 $ 8,800 $4,100 55% 25% 8,300 7,500 $ 111,900 $ 85,000 3,200 70% 55% The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places. Round "Cost…
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 23,800 Units finished during the period 17,900 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 5,900 Cost of materials used $ 59,130 Labor and overhead costs $ 61,110 Cost per equivalent unit of materials is
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,600 Units finished during the period 16,300 Units in process at the end of the period (complete as to materials, ¼ complete as to labor and overhead) 4,300 Cost of materials used $ 38,570 Labor and overhead costs $ 39,615 Cost per equivalent unit of labor and overhead is:
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 86,000 814,000 820,000 80,000 1. Equivalent units of production 2. Cost per equivalent unit Materials Materials $ 70,200 $ 488,640 The beginning work in process inventory was 80% complete with respect to materials and 65% complete with respect to labor and overhead. The ending work in process inventory was 60% complete with respect to materials and 40% complete with respect to labor and overhead. Labor $ 928,000 Labor $ 39,600 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,…
Sumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started during the month Units completed and transferred out during the month Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Multiple Choice $535,000
ework i Saved Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Units Percent Completed Materials Conversion Work in process, October 1 Work in process, October 31 48,000 27,000 90% 74% 55% 49% The department started 389,000 units into production during the month and transferred 410,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversion
Pham Corporation uses the weighted-average method in its process costing system. The following data were taken from the records of the first processing department for a recent month. Work in process, beginning: Units in process 30 Percent complete with respect to materials 60% Percent complete with respect to conversion 50% Costs in the beginning inventory: Materials cost $6,190 Conversion cost $16,290 Units started into production during the month 180 Costs added to production during the month: Materials cost $42,380 Conversion cost $136,330 Work in process, ending: Units in process220 20 Percent complete with respect to materials 50% Percent complete with respect to conversion 40% Cost per equivalent unit: Material $216 Conversion $710 Required: Enter the missing numbers, rounded to the nearest whole number. a.What was the cost of the ending work in process inventory in the…
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for September: Work in process, September 1 Work in process September 30 Started into Production during September O 247,000 O 232,000 O 265,000 Units O 238,000 75,000 70,000 200,000 Percent Completed What is the equivalent units of production for materials for September? Materials 80% 60% Conversion 50% 40%