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Question Flys Verger Custom Carpentry manufactures chairs in its Processing Department. Direct materials are included at the inception of the production cycle and must be
Question Flys Verger Custom Carpentry manufactures chairs in its Processing Department. Direct materials are included at the inception of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Data provided for March 2018 are as follows: Beginning WIP 3/1/2018 30,000 units at degree of completion DM 100% and CC 80% Started during March 70,000 units Ending WIP 3/31/2018 20,000 units at degree of completion DM 100% and CC 70% Costs: Beginning WIP Direct materials $70,000. Conversion costs $40,000 Cost Added during period Direct materials S130,000. Conversion costs $160,000 Required: Assign the cost between Completed and Ending WIP using FIFO Method End of Questions with best wishes
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