FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing
system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are
incurred uniformly throughout the process. This is the company's production schedule for May:
Tons of Pulp
Percent Completed
Materials
Conversion
Work-in-Process Inventory, May 1
5,000
100%
50%
Started during May
14,000
Units to account for
19,000
Units from beginning Work-in-Process, which were
completed and transferred out during May
5,000
Started and completed during May
8,400
5,600
100%
50%
19,000
Work-in-Process Inventory, May 31
Total units accounted for
The following cost data are available:
Work-in-Process Inventory, May 1
Direct materials
Conversion
Costs incurred during May
Direct materials
Conversion
Required:
$ 74,920
68,756
210,840
409,630
1. Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method.
2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the FIFO method.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method.
Direct Materials
Conversion
Equivalent
Units
< Required 1
Required 2 >
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Transcribed Image Text:Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company's production schedule for May: Tons of Pulp Percent Completed Materials Conversion Work-in-Process Inventory, May 1 5,000 100% 50% Started during May 14,000 Units to account for 19,000 Units from beginning Work-in-Process, which were completed and transferred out during May 5,000 Started and completed during May 8,400 5,600 100% 50% 19,000 Work-in-Process Inventory, May 31 Total units accounted for The following cost data are available: Work-in-Process Inventory, May 1 Direct materials Conversion Costs incurred during May Direct materials Conversion Required: $ 74,920 68,756 210,840 409,630 1. Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method. 2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the FIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method. Direct Materials Conversion Equivalent Units < Required 1 Required 2 >
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