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Easy Win Limited uses a process costing system and the FIFO cost-flow assumption. Production begins in the crafting department where materials are added at the
Easy Win Limited uses a process costing system and the FIFO cost-flow assumption. Production begins in the crafting department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On 1 October, beginning work in process consisted of 20,000 units which were 70% finish and had a cost of $350,000, $100,000 of which were materials costs. During October, the following occurred:
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