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
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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

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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…
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