Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a...
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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 companys production schedule for May:
Percent Completed Tons of Pulp Materials Conversion
Work-in-Process Inventory, May 1 2,000 100 % 50 %
Started during May 12,000
Units to account for 14,000 Units from beginning Work-in-Process, which were completed and transferred out during May 2,000
Started and completed during May 7,200
Work-in-Process Inventory, May 31 4,800 100 % 50 %
Total units accounted for 14,000
The following cost data are available: Work-in-Process Inventory, May 1
Direct materials $ 30,740
Conversion 55,524
Costs incurred during May
Direct materials 184,440
Conversion 263,940
Required:
1. Calculate the equivalent units of direct materials and conversion during May. Use the weighted-average method.
2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the weighted-average method.
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