Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Figure 6-1. The following information is available for Department Z for the month of July: Units Cost Work in process, July 1 (70% complete) 2,000

Figure 6-1. The following information is available for Department Z for the month of July:

Units

Cost

Work in process, July 1 (70% complete)

2,000

Direct materials

$ 6,000

Direct labor

3,000

Manufacturing overhead

4,000

Total work in process, July 1

$13,000

Started in production during July

20,000

Costs added:

Direct materials

$18,000

Direct labor

8,000

Manufacturing overhead

10,000

Total costs added during July

$36,000

Work in process, July 31, (80% complete)

2,000

Materials are added at the beginning of the process. (Round unit costs to two decimal places.)

16. Refer to Figure 6-1. Department Z's cost per equivalent unit of production for materials using the FIFO method would be

a.

$1.20.

b.

$1.04.

c.

$0.96.

d.

$0.90.

17. Refer to Figure 6-1. Department Z's cost per equivalent unit of production for conversion costs using the FIFO method would be

a.

$1.18.

b.

$1.02.

c.

$0.85.

d.

$0.73.

18. Refer to Figure 6-1. Department Z's cost of goods transferred out using the FIFO method would be

a.

$40,250.

b.

$45,540.

c.

$44,500.

d.

$45,775.

19. Refer to Figure 6-1. Department Z's cost of ending work in process using the FIFO method would be

a.

$3,960.

b.

$3,552.

c.

$3,500.

d.

$3,160.

20. Under the FIFO production costing method, the two categories of completed units used to compute the total cost of units completed during a period are:

a.

beginning work-in-process units and units started.

b.

units started and completed and ending work-in-process units.

c.

beginning work-in-process units and units started and completed during the current period.

d.

other categories.

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

Financial Accounting Practice And Principles

Authors: Jan Bebbington, M. Richard Laughlin, Robert H. Gray, Gray Dave

3rd Edition

1861527713, 978-1861527714

More Books

Students also viewed these Accounting questions

Question

Define recruitment.

Answered: 1 week ago

Question

Identify external recruitment sources.

Answered: 1 week ago