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Hey! Need help with this Q. Thanks! Amsterdam Corporation produces medical grade isotopes. The Isotopes are produced In a single continuous process and Amsterdam uses
Hey! Need help with this Q. Thanks!
Amsterdam Corporation produces medical grade isotopes. The Isotopes are produced In a single continuous process and Amsterdam uses the FIFO process costing method of accounting for production. Below is the company's calculation of cost per equivalent unit for September. During September, the company completed and transferred 12,000 isotopes to finished goods. An additional 6,000 units were still in process at the end of the month. The beginning work in process consisted of 6,000 units that were 50% complete with respect to direct materials and 40% complete with respect to both elements of conversion cost The ending work in process was 70% complete with respect to direct materials and 30% complete with respect to both elements of conversion cost. Prepare a schedule showing the allocation of total cost between finished goods and ending work in processStep by Step Solution
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