Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for Mayappear below:MaterialsLaborOverheadWork in process, May 1Cost added during MayEquivalent units of production$ 194,1252,700$ 52,806 $ 257,175$35, 204 $ 171,4502, 6002,500Required:Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)MaterialsLaborOverheadTotalCost per equivalent unit

In the weighted average method, Beginning cost is also added to the cost incurred because equivalent…

Answered: Superior Micro Products 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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Vision LLC uses a weighted average process costing system. Materials are added at the beginning of production. Consider the data that follow. Number of Units Cost of Materials Beginning work in process 45,700 S 81, 100 Started in June 65, 100 175,000 Production completed 79, 800 Ending work in process 31,000 The company's cost per equivalent unit for materials is: Multiple Choice $1.58. $1.92. $1.48. 52.31. none of the answers is correct.
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Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: work in process, April 1 units started during April work in process, April 30 work in process, April 1 costs added during April total costs units Calculate the conversion costing method. 27,000 59,000 34,000 % complete DM 60% 70% The cost of beginning work in process and the costs added during April were as follows: % complete 85% 40% conversion Conversion $191,175 $208.985 $400,160 DM $ 25,310 $190.720 $216,030 unit cost using the weighted average process Total cost $216,485 $399,705 $616,190
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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…
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,…
Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below: Percent Completed Labor and Tons of Pulp Work in process, June 1 80,600 Materials 83% Overhead 25% 21:45 Work in process, June 30 51,900 41% 11% Started into production during June 300,000 Required: k 1. Compute the number of tons of pulp completed and transferred out during June. 2. Compute the equivalent units of production for materials and for labor and overhead for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the equivalent units of production for materials and for labor and overhead for June. Materials Labor and Overhead Equivalent units of production ces
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Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 29,500 $ 48,456 $ 236,049 Cost added during May $ 179,375 $ 32,304 $ 157,366 Equivalent units of production 2,500 2,400 2,300 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)

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