Multiple-Choice-FIFO Method: The following questions are based on the Refining Department. Conversion costs for this department were
Question:
Multiple-Choice-FIFO Method: The following questions are based on the Refining Department. Conversion costs for this department were 80 percent complete as to beginning work in process (WIP) and 50 percent complete as to ending WIP. Information about conversion costs for January is as follows:
The company uses FIFO in the Refining Department.
Required:
a. What was the conversion cost of WIP in the Refining Department at Jan. 31?
(1) $33,000. (2) $38,100. (3) $39,000. (4) $45,000.
b. What were the conversion costs per E.U. produced last period and this period, respectively?
(1) $1.10 and $1.30. (2) $1.10 and $1.43. (3) $1.30 and $1.30. (4) $1.30 and $1.43.
c. What is the per unit conversion cost of goods started last period and completed this period?
(1) $0.88. (2) $1.10. (3) $1.14. (4) $1.30.
d. What is the per unit conversion cost of goods started this period and completed this period?
(1) $0.88. (2) $1.10. (3) $1.14. (4) $1.30.
Step by Step Answer:
