Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[Fact Pattern #1] Kim Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The followinginformation pertainsto operations for the

image text in transcribedimage text in transcribed

[Fact Pattern #1] Kim Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The followinginformation pertainsto operations for the month of May. The beginning inventory was 20% complete for materials and 60% complete for conversion costs. The ending inventory was 40% complete for materials and 90% complete for conversion costs. Costs pertaining to the month of May are as follows: Units a Beginningwork-in-process inventory, May1 Started in production during May Completed production during May Ending work-in-process inventory, May 31 16,000 100,000 92,000 Beginning inventory costs are materials, S20,280; direct labor, S20,320; and factory overhead, $15,240. Costs incurred during May are materials used, S467,680; direct labor, S182,800; and factory overhead, S389,200. 24,000 [3] (Refers to Fact Pattern 1) Using the weighted average method, the total cost of the units in the ending work-in-process inventory at May 31 is (Round cost per equivalent unit to the nearest penny) A. $156,960 B. $161,640 C. $153,168 D. $164,400

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

Accounting And Auditing Research Tools And Strategies

Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk

7th Edition

9780470506974

More Books

Students also viewed these Accounting questions

Question

=+What does this say for the future of the business case for CSR?

Answered: 1 week ago