Solution
Material | Labor | Overhead | Total | ||
1 | Equivalent units of production | 652,550 | 643,700 | 621,905 | |
2 | Cost per Equivalent unit | $ 1.60 | $ 0.25 | $ 0.78 | $ 2.63 |
Working
STEP 1 (FIFO) | |||||||
Reconciliation of Units | |||||||
Units | % already completed | % completed this period | |||||
Material | Labor | Overhead | Material | Labor | Overhead | ||
Beginning WIP | 69,000 | 85% | 70% | 70% | 15% | 30% | 30% |
Units introduced | 659,000 | ||||||
Total units to be accounted for | 728,000 | ||||||
Completed and Transferred unit | 680,000 | 0% | 0% | 0% | 100% | 100% | 100% |
Ending WIP | 48,000 | 0% | 0% | 0% | 65% | 25% | 25% |
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STEP 2 (FIFO) | |||||||
Equivalent Units | |||||||
Total Units | Material | Labor | Overhead | ||||
Units Transferred: | % completed this period | Equivalent Units | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
From WIP | 69,000 | 15% | 10,350 | 30% | 20,700 | 30% | 3,105 |
From units started/Introduced | 611,000 | 100% | 611,000 | 100% | 611,000 | 100% | 611,000 |
Total | 680,000 | 621,350 | 631,700 | 614,105 | |||
Total Units | Material | Labor | Overhead | ||||
Ending WIP | % completed this period | Equivalent Units | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
Total | 48,000 | 65% | 31,200 | 25% | 12,000 | 25% | 7,800 |
Total EUP | 728,000 | 652,550 | 643,700 | 621,905 |
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STEP 3 | |||
Cost per Equivalent Units AND Cost to be accounted for | |||
Material | Labor | Overhead | |
Cost incurred in Current Period | $ 1,044,080 | $ 160,925 | $ 482,775 |
Total Equivalent Units | 652,550 | 643,700 | 621,905 |
Cost per Equivalent Units | $ 1.60 | $ 0.25 | $ 0.78 |
Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that...
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: Units Materials Labor Overhead Work in process 69,000 $ 82,500 $ 24,900 $ 35,800 inventory, beginning Units started in 659,000 process Units transferred out 680,000 Work in process 48,000 inventory, ending Cost added during the $1,044,080 $160,925 $482,775 month The beginning work in process inventory was 85% complete with respect...
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 $ 82,500 Labor $ 24,900 Overhead $ 35,800 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 69,000 659, eee 60.AP 48,eee $1,044, 68e $ 160,925 $ 482,775 The beginning work in process inventory was...
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 $ 49,700 $ Labor 10,600 Overhead $ 24,300 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 61,000 579,000 600,000 40,000 $ 894,815 $ 289,225 $ 347,070 The beginning work in process inventory was 70%...
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: Units Materials Labor Overhead Work in process inventory, beginning 65,000 $ 68,500 $ 5,700 $ 21,400 Units started in process 617,000 Units transferred out 610,000 Work in process inventory, ending 72,000 Cost added during the month $ 1,484,100 $ 268,290 $ 327,910 The beginning work in process inventory was 75%...
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%...
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 $ 68,500 Labor 5,700 Overhead $ 21,400 $ Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 65,000 617,000 610,000 72,000 $1,484,100 $ 268,299 $ 327,910 The beginning work in process inventory was 75% complete...
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: Units Materials Labor Overhead $ 122, 200 $ 37,400 $ 50,300 Work in process inventory, beginning Units started in process 80,000 762,000 810, 000 32,000 Units transferred out Work in process inventory, ending Cost added during the month $ 392,700 $ 431,200 $1,650,340 The beginning work in process inventory was...
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 $ 4,320 Labor $ 1,040 Overhead $ 1,790 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 5,000 45,000 42,000 8,000 $ 52,800 $ 21,500 $ 32,250 The beginning work in process inventory was 80%...
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 $ 54,400 Labor 22,100 Overhead S 26,900 S Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 63,000 599,000 620,000 42,000 $ 802,980 $ 360,030 $ 420,035 The beginning work in process inventory was 80%...
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 Unita Materials Labor Overhead 61,600 5 15,700 29,100 Work in process eventory, beginning Units started in process Units transferred out Work in process inventory, anding Cost added during the month 559.000 580,000 38,000 $1,310,830 $ 194,530 $ 222,320 The beginning work in process inventory was 85% complete with respect to...