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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:
Percent Completed
Tons of Pulp Materials Conversion
Work-in-Process Inventory, May 15,000100%50%
Started during May 18,000
Units to account for 23,000
Units from beginning Work-in-Process, which
were completed and transferred out during May 5,000
Started and completed during May 10,800
Work-in-Process Inventory, May 317,200100%50%
Total units accounted for 23,000
The following cost data are available:
Work-in-Process Inventory, May 1
Direct materials $ 83,130
Conversion 127,370
Costs incurred during May
Direct materials 281.880
Conversion 395,460
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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