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

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

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Answer 1

Answer #1

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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Answer 2

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