Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Direct materials are added at the start of production. Conversion costs are added evenly throughout production. This company used the FIFO method of process costing.

image text in transcribed
Direct materials are added at the start of production. Conversion costs are added evenly throughout production. This company used the FIFO method of process costing. The following information is available for September 2020: Physical Equivalent Units Direct Conversio n Units Materials Costs Work in process, Sept. 1 10,000 10,000 8,500 Started in Sept. 52,000 Completed and transferred out in Sept. 56,000 56,000 56,000 Work in process, Sept. 30 6,000 6,000 2,000 91,575 Costs Work in process, Sept. 1 7,100 15,200 Added in September 37,490 a. Cost per equivalent unit for materials, conversion in Sept. _(to 1/100 cent) b. Cost of goods transferred out $ c. Cost of ending inventory total Conv. $ DM:S

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

Sound Investing, Chapter 22 - Management Discussion And Analysis

Authors: Kate Mooney

1st Edition

007171944X, 9780071719445

More Books

Students also viewed these Accounting questions

Question

Explain the planning horizon and the updating interval.

Answered: 1 week ago