Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bag Company had a beginning inventory of 4000 bags with costs of $18,000. The direct materials were complete and all overhead had been assigned, however,only

Bag Company had a beginning inventory of 4000 bags with costs of $18,000. The direct materials were complete and all overhead had been assigned, however,only 40% of direct manufacturing labour was added in the prior period. Another 20,000 units were started and completed during the current period. Unit costs are as follows: materials $8.00 labour $9.00 overhead $5.00 What is the total cost of goods transferred out using the FIFO method?

a 479,600

b 440,000

c 519,500

472,400

491,600

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

Assurance Risk And Governance

Authors: Michael Büchling

1st Edition

1485131618, 9781485131618

More Books

Students also viewed these Accounting questions