Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pureform, Inc. manufactures a product that passes through two departments. Data for a recent month for the first department follow Work in process, beginning Units
Pureform, Inc. manufactures a product that passes through two departments. Data for a recent month for the first department follow Work in process, beginning Units started in process Units transferred out Work in process, ending Cost added during the month Units Haters Labour Overhead 5,000 $4,500 $1,250 $1,175 45,000 42,000 8.000 52,800 21,500 32,250 The beginning work-in-process inventory was 80% complete as to materials and 60% complete as to processing tabour and overhead, The ending work in process inventory was 75% complete as to materials and 50% 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, Quantity Schedule Units to be accounted for D Total units Equivalent Units EU) Materials Labour Ovated Units 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 decimai places.) Costs por equivalent unit 3. Repeat the requirements of parts (1) and (2) using the FIFO method. (Round "Costs per equivalent to 2 decimal places) O Schedule Units to be accounted for Total units Equivalent Labour Units Overad Units accounted for as follows HE Nu Costs per equivalent unit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started