Pacific Ink had beginning work-in-process inventory of $754,960 on October 1. Of this amount, $309,920 was the cost of direct materials and $445,040 was the cost of conversion. The 53,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 112,000 units were transferred out and 35,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,687,500 for direct materials and $3,429,900 for conversion.

Required:

(1) Compute the equivalent units for the materials and conversion cost calculations.

(2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.

              When the Pacific Ink that is:

Particulars            Units         %of Completion        Equivalent Units

                                            Mat      Conversion      Mat. Conversion

Transferred Out    112000        100      100          112000     112000  

Add Ending Inv      35000          75          35            26250      12250  

Equivalent Units                                                   138,250     124,250

Particulars            Units         %of Completion        Equivalent Units  

                                            Mat      Conversion      Mat. Conversion

Transferred Out    112000        100      100          112000     112000  

Add Ending Inv    35000          75          35            26250      12250

Then Less

Beg. Inv             53000           25        25            13250        13250  

Equivalent Units                                                   125,000     111000  

When the FIFO Costs is :                                  

                                                 Materials               Conversion  

Current Costs:                         $2,687,500                 $3,429,900  

FIFO Equivalent Units                 125,000                         111000  

Cost per Unit                   $2,687,500/125000             $3,429,900/111000  

Equivalent Cost Per unit        $ 21.5                                  $ 30.9

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a:Weighted Equivalent Units  Materials   138,250  Conversion   124,250

b:FIFO Equivalent Cost Per unit  Materials  $ 21.5   Conversion   $ 30.9

Explanation:

Pacific Ink

Weighted Average Equivalent Units

Particulars            Units         %of Completion        Equivalent Units

                                             Mat      Conversion      Mat. Conversion

Transferred Out     112000        100      100          112000     112000

Add Ending Inv      35000          75          35            26250      12250

Equivalent Units                                                   138,250     124,250

The FIFO method accounts only for the current period costs and units.

Pacific Ink

FIFO  Equivalent Units

Particulars            Units         %of Completion        Equivalent Units

                                             Mat      Conversion      Mat. Conversion

Transferred Out     112000        100      100          112000     112000

Add Ending Inv     35000          75          35            26250      12250

Less

Beg. Inv              53000           25        25            13250        13250

Equivalent Units                                                   125,000     111000

FIFO Costs :                                

                                                  Materials               Conversion

Current Costs:                         $2,687,500                 $3,429,900

FIFO Equivalent Units                 125,000                         111000

Cost per Unit                   $2,687,500/125000             $3,429,900/111000

Equivalent Cost Per unit        $ 21.5                                  $ 30.9

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