Question
Refer to the following information about the Finishing Department in the Gallagher Factory for the month of June. Gallagher Factory uses the FIFO method of
Refer to the following information about the Finishing Department in the Gallagher Factory for the month of June. Gallagher Factory uses the FIFO method of inventory costing. Beginning Work in Process inventory:
| Physical units... | 5,000 | units |
| % complete for materials | 70% |
| % complete for conversion costs | 25% |
| Materials cost from May | $7,350 |
| Conversion costs from May | $3,125 |
Product started:
| Physical units | 44,000 | units |
Ending Work in Process inventory:
| Physical units | 4,000 | units |
| % complete for materials | 40% |
| % complete for conversion costs | 10% |
Manufacturing costs for June:
| Materials | $96,975 |
| Conversion costs | $79,470 |
Compute costs in ending inventory for June.
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Managerial Accounting The Cornerstone Of Business Decision-making, , (6 Months)
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
7th Edition
1337115924, 9781337115926
