Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costingsystem for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs areincurred uniformly throughout the process. This is the company's production schedule for May:Tons of PulpPercent CompletedMaterialsConversionWork-in-Process Inventory, May 15,000100%50%Started during May14,000Units to account for19,000Units from beginning Work-in-Process, which werecompleted and transferred out during May5,000Started and completed during May8,4005,600100%50%19,000Work-in-Process Inventory, May 31Total units accounted forThe following cost data are available:Work-in-Process Inventory, May 1Direct materialsConversionCosts incurred during MayDirect materialsConversionRequired:$ 74,92068,756210,840409,6301. 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.Complete this question by entering your answers in the tabs below.Required 1Required 2Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method.Direct MaterialsConversionEquivalentUnits< Required 1Required 2 >

Direct material cost is the expenditure associated with the raw materials acquired or manufactured…

The following cost data are available: Work-in-Process Inventory, May 1 Direct materials Conversion Costs incurred during May Direct materials Conversion Required: $ 74,920 68,756 210,840 409,630 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.

The following cost data are available: Work-in-Process Inventory, May 1 Direct materials Conversion Costs incurred during May Direct materials Conversion Required: $ 74,920 68,756 210,840 409,630 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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1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%
. . Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5) . The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit
I need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).
4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
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