Question
Claremore Industries uses a weighted-average process-costing system. All materials are added at the beginning of the process; conversion costs are incurred evenly throughout production. The
Claremore Industries uses a weighted-average process-costing system. All materials are added at the beginning of the process; conversion costs are incurred evenly throughout production. The company finished 42,000 units during the period and had 19,000 units in progress at year-end, the latter at the 50% stage of completion. Total material costs amounted to $240,000; conversion costs were $424,000. The cost of goods completed is closest to (Do not round intermediate calculations): Multiple Choice $322,000. $424,000. $664,000. None of the answers is correct. $511,032.
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