Candace's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production process incurred the following costs in processing 20,000 gummy bears:
Use the FIFO method to compute the September conversion costs in the Production Department.
A) $58,500
B) $268,500
C) $50,500
D) $8000
A) $58,500
Explanation: Conversion costs = Direct labor + Manufacturing overhead = $50,500 + $8000 = $58,500
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