Weatherly Lumber Company processes wood pulp for manufacturing various paper products.The company employs a process costing system for its manufacturing operations. All directmaterials are added at the beginning of the process, and conversion costs are incurreduniformly throughout the process. This is the company's production schedule for May: Tons ofPulp Percent Completed Materials Conversion Work-in - Process Inventory, May1 3,000 100 % 50% Started during May 10, 000 Units to account for 13, 000 Units frombeginning Work-in - Process, which were completed and transferred out during May 3,000 Started and completed during May 6, 000 Work - in - Process Inventory, May31 4,000 100% 50% Total units accounted for 13,000 The following cost data are available:Work - in - Process Inventory, May 1 Direct materials $ 43,270 Conversion 122, 170 Costsincurred during May Direct materials 154,200 Conversion 197, 600 Required: 1. Calculate theequivalent units of direct materials and conversion during May. Use the FIFO method. 2.Calculate the cost per equivalent unit for both direct materials and conversion during May. Usethe FIFO method.

Process costing is a method of costing used mainly in manufacturing where units are continuously…

Started and completed during May 6, 000 Work-in - Process Inventory, May 314,000 100% 50% Total units accounted for 13,000 The following cost data are available: Work - in - Process Inventory, May 1 Direct materials $ 43, 270 Conversion 122, 170 Costs incurred during May Direct materials 154, 200 Conversion 197, 600 Required: 1. Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method. 2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the FIFO method.

Started and completed during May 6, 000 Work-in - Process Inventory, May 314,000 100% 50% Total units accounted for 13,000 The following cost data are available: Work - in - Process Inventory, May 1 Direct materials $ 43, 270 Conversion 122, 170 Costs incurred during May Direct materials 154, 200 Conversion 197, 600 Required: 1. Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method. 2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the FIFO method.

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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Materials are added at the beginning of a production process, and ending work in process inventory is 40% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 18,000 Direct material 41,000 Direct labor 74,000 Applied overhead 42,392 Total costs to account for $184,392 Units to ACcount For Beginning work in process 6,000 Units started into production 19,000 Transferred out 19,000 Production Cost Report Completed and transferred out Ending work in process Total units to account for 40% 100% Work in process completion percent Material Units Conversion Units Total Units Completed and transferred out Next Previous
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