SWeatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs aprocess 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:Percent CompletedMaterials Conversion.100%50%Work-in-Process Inventory, May 1Started during MayUnits to account forUnits from beginning Work-in-Process, whichwere completed and transferred out during MayStarted and completed during MayWork-in-Process Inventory, May 31Total units accounted forThe following cost data are available:Work-in-Process Inventory, May 1Direct materialsConversionCosts incurred during MayDirect materialsConversion$ 38,01046,568168,300275,380Tons ofPulp2,00011,00013,0002,0006,6004,40013,000100%50%Required: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.

The objective of the question is to calculate the equivalent units of direct materials and…

Answered: S Weatherly Lumber Company processes…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter12: Queueing Models

Section: Chapter Questions

Problem 59P

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Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: January 1 Quantity (pounds) January 31 Quantity (pounds) Work-in-Process Inventory Cost Cost Molding department Finishing department None None 5,000 $ 15,000 2,000 The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end of January. Costs of production for January follow: Direct Costs of Production Materials Conversion Molding department Finishing department $ 450,000 $ 90,000 80,290 The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing. Required: 1. Prepare…

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