Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pureform. Inc, manufactures a product that passes through two departments Data for a recent month for the first department follow Units Materials Labour Overhead Work

image text in transcribed
image text in transcribed
image text in transcribed
Pureform. Inc, manufactures a product that passes through two departments Data for a recent month for the first department follow Units Materials Labour Overhead Work in process, beginning 5,300 $ 3,500 $ 1,450 $1,758 Units started in process 44,00 Units transferred out 41,400 Work in process, ending 7.900 Cast added during the month 51,066 21,215 38,187 The beginning work-in-process inventory was 90% complete as to materials and 70% complete as to processing labour and overhead. The ending work-in-process inventory was 75% complete as to materials and 60% complete as to processing labour and overhead The company combines labour and overhead to form the conversion cost category Required: 1. Assume that the company uses the weighted average cost method of accounting for units and costs. Prepare a quantity schedule and a computation of equivalent units for the month Dantity Units to be accounted for Total unts 0 Equivalent Units (EU) Materials Labour Overhead Units Units accounted for as follows Equivalent Units (EU) Labour Lint Units accounted for as follows: Total units and equivalent units of production 0 2. Determine the costs per equivalent unit for the month (Round Intermediate calculations and final answer to 3 decimal places.) Costs pat equivalent unt 3. Repeat the requirements of parts (1) and (2) using the FIFO method. (Round "Costs per equivalent to 2 decimal places.) Quantity Schedule Units to be counted for ataluri 0 Seved z che Units to be accounted for Total units 0 Equivalent Units (EU) Materials Labour Overhead Units Units accounted for as follows: 7 Total units and equivalent units of production Gosts per unit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions