Question
Closet Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $19,700. Work
Closet Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $19,700.
| Work in Process Inventory | |||
|---|---|---|---|
| Beginning balance @ 12/1: 360 units, 10% completed | $ 23,000 | Completed 1,030 units and transferred them to finished goods inventory | $ 200,473 |
| Direct materials | 71,000 | ||
| Direct labor | 48,000 | ||
| Overhead Property taxes | 12,000 | ||
| Depreciation | 44,000 | ||
| Utilities | 28,000 | ||
| Indirect labor | 11,000 | ||
| Ending balance @ 12/31: 390 units, 20% completed | $ 36,527 |
Cost per equivalent unit for conversion under the FIFO method is calculated to be (rounded):
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Accounting Principles A Business Perspective Financial Accounting Chapters 9 To 18
Authors: Bill Buxton, Amy Sibiga
1st Edition
1461160863, 978-1461160861
