Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Tori Company uses the FIFO method in its process costing system. The first processing department, the Soldering Department, started the month with 24,000 units

1. Tori Company uses the FIFO method in its process costing system. The first processing department, the Soldering Department, started the month with 24,000 units in its beginning work-in-process inventory that were 70% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $108,150. An additional 75,700 units were started into production during the month. There were 30,000 units in the ending work-in-process inventory of the Soldering Department that were 80% complete with respect to conversion costs. A total of $572,125 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs? (Round off to three decimal places.)

$7.440.

$7.754.

1. Tori Company uses the FIFO method in its process costing system. The first processing department, the Soldering Department, started the month with 24,000 units in its beginning work-in-process inventory that were 70% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $108,150. An additional 75,700 units were started into production during the month. There were 30,000 units in the ending work-in-process inventory of the Soldering Department that were 80% complete with respect to conversion costs. A total of $572,125 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs? (Round off to three decimal places.)

A . $7.440.

B. $7.754.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excise Tax Air Transportation IRS Audit Techniques Guide ATG

Authors: Internal Revenue Service

1st Edition

1304112772, 978-1304112774

More Books

Students also viewed these Accounting questions