Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company uses the first-in, first-out method for its process costing. The following data is for February Operations: Units in Beginning Inventory 800 Units Started
A company uses the first-in, first-out method for its process costing. The following data is for February Operations: Units in Beginning Inventory 800 Units Started into Production 12000 Units Ending Inventory 400 Units Transferred to the Next Department 12400 Material Conversion Percentage Completion Beginngin Inventory 80% 30% Percentage Completion of Ending Inventory 90% 40% Cost per equivalent units is $5.60, which consists of material costs of $2.45 and conversion costs of $3.15 Beginning inventory consistedof $1200 of material costs and $880 of conversion costs. A total of $72,982 was added during the month of Febraury, which consisted of $31,654 of materials and $41,328 of conversion costs. What is the cost assiged to ending work in process inventory? 2080 2240 1162 1366
| A company uses the first-in, first-out method for its process costing. The following data is for February | ||||||||||
| Operations: | ||||||||||
| Units in Beginning Inventory | 800 | |||||||||
| Units Started into Production | 12000 | |||||||||
| Units Ending Inventory | 400 | |||||||||
| Units Transferred to the Next Department | 12400 | |||||||||
| Material | Conversion | |||||||||
| Percentage Completion Beginngin Inventory | 80% | 30% | ||||||||
| Percentage Completion of Ending Inventory | 90% | 40% | ||||||||
| Cost per equivalent units is $5.60, which consists of material costs of $2.45 and conversion costs of $3.15 | ||||||||||
| Beginning inventory consistedof $1200 of material costs and $880 of conversion costs. A total of $72,982 | ||||||||||
| was added during the month of Febraury, which consisted of $31,654 of materials and $41,328 of conversion | ||||||||||
| costs. | ||||||||||
| What is the cost assiged to ending work in process inventory? | ||||||||||
| 2080 | ||||||||||
| 2240 | ||||||||||
| 1162 | ||||||||||
| 1366 | ||||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Management Measuring Monitoring And Motivating Performance
Authors: Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook
2nd Canadian Edition
1118168879, 9781118168875
