Gamma, Inc. manufactures a product that passes through two production processes. A quantity schedule for a...

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Gamma, Inc. manufactures a product that passes through two production processes. A quantity schedule for a recent month for the first process follows: Quantity Schedule Units to be accounted for: Work in process, May 1 (60 % materials, 75% conversion cost added last month) Started into production Total units 62,000 226,000 288,000 Costs In the beginning work-in-process inventory of the first processing department were materials, $10,938; and conversion cost, $18,000. Costs added during the month were materials, $104,814; and conversion cost, $543,645. Required: 1. Assume that the company uses the weighted average cost method of accounting for units and costs. Determine the equivalent units for the month for the first process. Quantity Schedule Equivalent Units (EU) Materials Conversion Units accounted for as follows: Transferred to the next process 268,000 Work in process, May 31 (all materials, 60% conversion 28,800 cost added this month) Total units and equivalent units of production 288,000 0 0 2. Compute the costs per equivalent unit for the month for the first process. (Round your answers to 3 decimal places.) Materials Cost per equivalent unit Conversion Whole Unit Gamma, Inc. manufactures a product that passes through two production processes. A quantity schedule for a recent month for the first process follows: Quantity Schedule Units to be accounted for: Work in process, May 1 (60 % materials, 75% conversion cost added last month) Started into production Total units 62,000 226,000 288,000 Costs In the beginning work-in-process inventory of the first processing department were materials, $10,938; and conversion cost, $18,000. Costs added during the month were materials, $104,814; and conversion cost, $543,645. Required: 1. Assume that the company uses the weighted average cost method of accounting for units and costs. Determine the equivalent units for the month for the first process. Quantity Schedule Equivalent Units (EU) Materials Conversion Units accounted for as follows: Transferred to the next process 268,000 Work in process, May 31 (all materials, 60% conversion 28,800 cost added this month) Total units and equivalent units of production 288,000 0 0 2. Compute the costs per equivalent unit for the month for the first process. (Round your answers to 3 decimal places.) Materials Cost per equivalent unit Conversion Whole Unit

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To determine the equivalent units for the month for the first process using the weighted average cos... View the full answer