22.

Ricardo Corporation uses the FIFO method in its process costing system. During June, 36,000 units were completed in Department M. Of this total, 6,000 were in the beginning work in process and the remainder were started and completed during the month. The work in process at June 1 was 40% complete with respect to conversion costs. Materials are added at the beginning of the process. A total of 8,000 units were in work in process at June 30; these units were 80% complete with respect to conversion costs. The equivalent units of production for conversion costs for June is closest to:

Multiple Choice

• 32,800 units

• 33,600 units

• 40,000 units

• 36,400 unit

• 24.

  Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:

  Beginning work in process inventory:
  Units in beginning work in process inventory		700
  Materials costs	$	11,500
  Conversion costs	$	22,200
  Percent complete with respect to materials		75	%
  Percent complete with respect to conversion		65	%
  Units started into production during the month		8,600
  Units transferred to the next department during the month		7,800
  Materials costs added during the month	$	159,300
  Conversion costs added during the month	$	348,500
  Ending work in process inventory:
  Units in ending work in process inventory		1,500
  Percent complete with respect to materials		65	%
  Percent complete with respect to conversion		50	%

  The cost of a completed unit transferred out of the department is closest to:

  Multiple Choice

• $62.36

• $76.27

• $66.10

• $58.23