Question
Maynard Inc. manufactures desks. The following data was given for production in February: Phantom Enterprises adds materials to production at the beginning of the process
Maynard Inc. manufactures desks. The following data was given for production in February:
Phantom Enterprises adds materials to production at the beginning of the process in the Production Department. It uses a single-step process. Data on material for this department for July 2018 are as follows:
The company uses the FIFO inventory method. The materials cost in Work in Process on July 31 is a.$46,500. b.$39,000. c.$37,500. d.$31,000. | |||||||||||||||||
If a total of $11,050 in production costs were incurred, how much cost is assigned to the units completed?
a.$11,050
b.$3.250
c.$8,287.50
d.$9,750
e.None of these choices are correct.
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