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	Units
Units transferred out	580000
(-) work in progress inventory, beginning	59000
units started and completed	521000

Requirement 1:

		Material	Labour	Overhead
1)	units started and completed during the period	521000	521000	521000
	(+) beginning work in process completed during the period	8850	17700	17700
	[beginning work in process units*(100-%completion)	(59000*15%)	(59000*30%)	(59000*30%)
	(+) ending work in process completed during the period	24700	17100	17100
	[ending work in process units*%completion ]	(38000*65%)	(38000*45%)	(38000*45%)
	equivalent units of production	554550	555800	555800

Requirement 2 :

2)		Material	labour	overhead
	Cost added during the month	$1380830	$194530	$222320
	(/)equivalent units of production	554550	555800	555800
	cost per equivalent unit	2.49	0.35	0.4

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Answer 2

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