Question
Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
| Units in beginning work-in-process inventory | 600 |
| Material costs | $6,600 |
| Conversion costs | $2,700 |
| Percent complete with respect to materials | 60% |
| Percent complete with respect to conversion | 10% |
| Units started into production during the month | 7,000 |
| Materials cost added during the month | $102,200 |
| Conversion costs added during month | $259,200 |
| Ending work-in-process inventory |
|
Ending work-in-process inventory:
| Units in ending work-in-process inventory | 1,500 |
| Percent complete with respect to materials | 55% |
| Percent complete with respect to conversion | 10% |
How many units were started AND completed during the month in the first processing department?
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Intermediate Accounting Volume 1
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
8th Edition
1260881237, 9781260881233
