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 started in processUnits transferred outWork in process inventory, endingCost added during the monthUnits59,000Materials$ 61,600Labor$ 15,700Overhead$ 29,100559,000580,00038,000$ 815,215$ 193,285$ 359,015cesThe beginning work in process inventory was 85% complete with respect to materials and 70% complete with respect to labor andoverhead. The ending work in process inventory was 65% complete with respect to materials and 45% complete with respect to laborand 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 2decimal places.)1. Equivalent units of production2. Cost per equivalent unitMaterialsLaborOverhead

Detailed explanation: 1) In the weighted average method we use units completed and transferred out…

Answered: Pureform, Incorporated, uses the…

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 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…
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