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Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a...

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Accounting

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:
Tons of Pulp Percent Completed
Materials Conversion
Work-in-Process Inventory, May 13,000100%50%
Started during May 12,000
Units to account for 15,000
Units from beginning Work-in-Process, which were completed and transferred out during May 3,000
Started and completed during May 7,200
Work-in-Process Inventory, May 314,800100%50%
Total units accounted for 15,000
The following cost data are available:
Work-in-Process Inventory, May 1
Direct materials $ 35,490
Conversion 21,918
Costs incurred during May
Direct materials 190,560
Conversion 331,890
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

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