Question
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
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| Work in process, beginning: |
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| Units in process |
| 900 |
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| Percent complete with respect to materials |
| 40 | % |
| Percent complete with respect to conversion costs |
| 20 | % |
| Costs in the beginning inventory: |
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|
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| Materials cost | $ | 530 |
|
| Conversion cost | $ | 2108 |
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| Units started into production during the month |
| 16,000 |
|
| Units completed and transferred out |
| 16,000 |
|
| Costs added to production during the month: |
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|
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| Materials cost | $ | 32,180 |
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| Conversion cost | $ | 416,512 |
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| Work in process, ending: |
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|
|
| Units in process |
| 900 |
|
| Percent complete with respect to materials |
| 50 | % |
| Percent complete with respect to conversion costs |
| 70 | % |
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Management Planning Guide For Information Systems Security Auditing
Authors: National State Auditors Association And The U. S. General Accounting Office
1st Edition
1508456720, 978-1508456728
