Question
Plemmon Company adds materials at the beginning of the process in the forming department, which is the first of two stages of its production cycle.
Plemmon Company adds materials at the beginning of the process in the forming department, which is the first of two stages of its production cycle. Information concerning the materials used in the forming department in April follows:
| Materials | ||
| Units | Costs | |
| Work in process at April 1 | 15,000 | $ 8,000 |
| Units started during April | 60,000 | $38,500 |
| Units completed and transferred to next department | ||
| during April | 65,000 |
Using the FIFO method, what is the cost of materials in work in process at April 30 (round unit calculations to the nearest cent)?
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Financial Accounting Tools For Business Decision Making WileyPLUS NextGen Card Single Semester
Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso
10th Edition
1119791022, 978-1119791027
