Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting Department. Conversion costs are incurred uniformly throughout the manufacturing process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing Department. Information for the Cutting Department for the month of May follows. Work in Process, May 1 (50,000 units, 100% complete for direct materials, 40% complete with respect to conversion costs; includes $70,500 of direct material cost; $34,050 of conversion costs). Units started in May225,000 Units completed in May200,000 Work in Process, May 31 (75,000 units, 100% complete for direct materials; 20% complete for conversion costs). Costs incurred in
May Direct materials$342,000 Conversion costs$352,950 If Pitt Enterprises uses the FIFO method of process costing, compute the equivalent units for direct materials and conversion respectively for May.
A. 225,000 materials; 195,000 conversion.
B. 275,000 materials; 215,000 conversion.
C. 195,000 materials; 195,000 conversion.
D. 195,000 materials; 225,000 conversion.
E. 150,000 materials; 150,000 conversion.
Answer: A
You might also like to view...
IoT botnets became the preferred platform for launching DDoS attacks in 2017.
Answer the following statement true (T) or false (F)
Which of the following is true regarding International Accounting Standard No. 23 (IAS 23), "Borrowing Costs," and FASB Statement of Financial Accounting Standards No. 34 (SFAS No. 34), "Capitalization of Interest Cost"?
a. IAS 23 requires the capitalization of borrowing costs less the amount of investment income generated by borrowed construction funds temporarily invested. b. SFAS No.34 requires the capitalization of borrowing costs less the amount of investment income generated by borrowed construction funds temporarily invested. c. IAS 23 requires that all interest should be expensed. d. Both IAS 23 and SFAS No. 34 require the capitalization of borrowing costs with no adjustment for the amount of investment income generated by borrowed
What is the test to justify voluntary bankruptcy?
A) It would be inconvenient for the debtor to pay debts B) The debtor would face financial hardship if he were to pay all debts due C) The debtor is more than 240 days behind in paying debts. D) The debtor is more than 120 days behind in paying debts. E) It would be impossible to pay debts which are due
"The land that includes the Wind Song cave" is a sufficient legal description
Indicate whether the statement is true or false