Question
The following information is given for True Company's Milling Department: units % complete for Materials % complete For Conversion Cost for Materials Cost for Conversion
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The following information is given for True Company's Milling Department:
units
% complete
for Materials
% complete
For Conversion
Cost for
Materials
Cost for
Conversion
Beginning WIP
200
30%
30%
$4,800
$6,600
Units started
500
Units completed
600
Ending WIP
100
70%
50%
Costs incurred during current period
$12,200
$17,700
WIP = work-in-process
* Cost per equivalent unit for Materials = $20
* Cost per equivalent unit for Conversion = $30
The company uses the FIFO method. The cost of the units competed is:
A. $27,000
B. $38,400
C. $30,000
D. $31,400
The following information is given for True Company's Milling Department:
|
| units | % complete for Materials | % complete For Conversion | Cost for Materials | Cost for Conversion |
| Beginning WIP | 200 | 30% | 30% | $4,800 | $6,600 |
| Units started | 500 |
|
|
|
|
| Units completed | 600 |
|
|
|
|
| Ending WIP | 100 | 70% | 50% |
|
|
|
|
|
|
|
|
|
| Costs incurred during current period | $12,200 | $17,700 | |||
| WIP = work-in-process * Cost per equivalent unit for Materials = $20 * Cost per equivalent unit for Conversion = $30 |
The company uses the FIFO method. The cost of the units competed is:
| A. | $27,000 | |
| B. | $38,400 | |
| C. | $30,000 | |
| D. | $31,400 |
1 points
QUESTION 26
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(26) Use the information given in the above question. The company uses the FIFO method. The cost of ending work-in-process is:
A. $2,900
B. $3,500
C. $2,760
D. $2,500
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