Question: 2 Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: 5 points

 2 Clonex Labs, Inc., uses the weighted-average method in its process
costing system. The following data are available for one department for October:

2 Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: 5 points Work in process, October 1 Work in process, October 31 Percent Completed Units Materials Conversion 53,000 950 556 38,000 720 SO eBook The department started 392,000 units into production during the month and transferred 407,000 completed units to the next department Required: Compute the equivalent units of production for October. Hint Print Materials Conversion Equivalent units of production References 3 5 points Pureform, Inc., uses the weighted-average 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 Materiale 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 $ 905,900 $ 70,524 $ 264,440 Book The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead Prime Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. (Round your answers to 2 decimal places.) lorences Materials Labor Overhead 1. Equivalent units of production 2. Cost per equivalent unit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!