Shirley Processing, Incorporated (SPI) makes adhesive tape and uses a FIFO process costing system. The...
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Accounting
Shirley Processing, Incorporated (SPI) makes adhesive tape and uses a FIFO process costing system. The following information shows the physical flow of units and costs for the month of March:
| Quantities | Physical units | Percentage Complete | |
|---|---|---|---|
| Materials | Conversion | ||
| Beginning work-in-process | 115,000 | 100% | 40% |
| Started | 961,000 | ||
| To account for | 1,076,000 | ||
| Transferred out | 983,500 | 100% | 100% |
| Ending work in process | 92,500 | 100% | 20% |
| Accounted for | 1,076,000 | ||
| Cost | Total | Direct Materials | Conversion |
|---|---|---|---|
| Beginning work-in-process | $ 202,570 | $ 175,180 | $ 27,390 |
| Current period | 2,033,570 | 1,316,570 | 717,000 |
| Total | $ 2,236,140 | $ 1,491,750 | $ 744,390 |
Required:
- Compute the equivalent units for the materials and conversion cost calculation for March.
- Compute the cost per equivalent unit for direct materials and conversion costs for March.
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