Production costs chargeable to the Finishing Department in May at Kim Company are materials $8,000, labour $20,000,
Question:
Production costs chargeable to the Finishing Department in May at Kim Company are materials $8,000, labour $20,000, overhead $18,000, and transferred-in costs $67,000. Equivalent units of production are materials 20,000 and conversion costs 19,000. Kim uses the FIFO method to calculate equivalent units.
Instructions
Calculate the unit costs for materials and conversion costs. Transferred-in costs are considered materials costs.
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Nikhil Dakoju
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Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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