Question
Principles of Accounting II Please answer and show solution. (Chegg has answered this question in the past, but the answers dont match up.) Thank you.
Principles of Accounting II
Please answer and show solution. (Chegg has answered this question in the past, but the answers dont match up.) Thank you.
Use this information about Penny, Inc. to answer the question that follow. MC.20-118 Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about the July activities:
| On July 1: | |
| Beginning inventories | 850 units, 60% complete |
| Direct materials cost | $5,000 |
| Conversion costs | $4,000 |
| During July: | |
| Number of units started | 15,000 |
| Direct materials added | $155,000 |
| Conversion costs added | $83,520 |
| On July 31: | |
| Ending inventories | 1,600 units, 40% complete |
Using the FIFO method and rounding cost per unit to the nearest whole dollar, the cost of goods completed and transferred out during July was
a. $227,270
b. $236,905
c. $228,200
d. $225,060
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Auditing The Art and Science of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
13th Canadian edition
133405508, 978-0133405507
