Question
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.
|
| Physical Units | Direct Materials | Conversion Costs |
| WIP, beginning inventory | 28,000 | $39,200 | $30,800 |
| Degree of completion for BI |
| 100% | 25% |
| Started in May | 60,000 |
|
|
| Completed and transferred out in May | 66,000 |
|
|
| WIP, ending inventory | 22,000 |
|
|
| Degree of completion for EI |
| 100% | 50% |
| Costs added in May |
| $90,000 | $280,000 What is the cost of goods transferred out during May? Group of answer choices $363,000
$293,000
$517,000
$447,000
|
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The Progressive Audit A Toolkit For Improving Your Organizational Quality Culture
Authors: Robert Pfannerstill
1st Edition
0873896629, 978-0873896627
