1 answer

Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that...

Question:

Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that passes through two departm

Pureform, Inc., 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: Materials $ 84,400 Labor $ 42,200 Overhead $ 55,900 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 87,000 829,000 850,000 66,000 $ 986,520 $ 491,190 $ 654,920 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 25% 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 total for the month. (Round your answers to 2 decimal places.) Materials Labor Overhead Total 1. Equivalent units of production 2. Cost per equivalent unit

Answers

Working of 1 & 2 as follows:

Material % Completion Equivalents materials Labor % Completion Equivalents Labor Overhead % Completion Equivalents overhead Total
Opening WIP 87000 30% 26100 87000 45% 39150 87000 45% 39150
Units started and completed (850,000-87,000) 763,000 100% 763000 763,000 100% 763000 763,000 100% 763000
Ending WIP 66,000 50% 33000 66,000 25% 16500 66,000 25% 16500
Equivalents units (A) 822100 818650 818650
Currrent month cost (B) $986,250 $491,190 $654,920 $2,132,360
Cost per equivalent units (B/A) $1.20 $0.60 $0.80 $3
.

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