Livingston Co. uses process costing to account for the production of elastic bands. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs. April costs were $72,000 for materials and $80,000 for conversion costs. During April 8,000 units were completed. Ending work in process inventory was 4,000 units (100% complete for materials, 50% for conversion). The cost per equivalent unit for conversion costs using the weighted average method would be:
A. $17.40
B. $2.20
C. $8.00
D. $8.80
Answer: D
You might also like to view...
What is the first step in preparing a proposal?
A) Identifying the purpose of the proposal B) Determining the content that will be included C) Identifying the deadline or due date D) Understanding the context of the issue E) Identifying the audience and what their needs are
Leona enters into a contract with Munchie Bakery to cater a sales conference. When the conference is postponed indefinitely, Leona asks a court to cancel the contract. This request involves
A. an equitable remedy. B. an unenforceable demand. C. a remedy at law. D. a type of harm.
Answer the following statement(s) true (T) or false (F)
One of the most common reasons for acquiring a business is developing more growth-phase products.
During the year, a wealthy local merchant donated a building to the City of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised value of the donation at the date of the gift was $600,000. At what amount should this contribution be recorded in the governmental activities accounts at the government-wide level?
A. $300,000. B. $600,000. C. $0. D. $50,000.