Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units:Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion.Units started and completed: 250,000.Units completed and transferred out: 330,000.Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion. Costs:Costs in beginning Work in Process - Direct Materials: $37,200.Costs in beginning Work in Process - Conversion: $79,700.Costs incurred in October - Direct Materials: $646,800.Costs incurred in October - Conversion: $919,300. Calculate the cost per equivalent unit of conversion.
A. $2.76
B. $3.15
C. $3.00
D. $3.68
E. $2.90
Answer: E
You might also like to view...
Ingredient branding is a special case of corporate parent branding
Indicate whether the statement is true or false
Which of the following represents the order from the least assurance to the most assurance provided for the types of services provided?
A. Compilation, review, audit. B. Audit, compilation, review. C. Audit, review, compilation. D. Review, compilation, audit.
The term occurrence is used to describe the number of attributes or fields pertaining to a specific entity
Indicate whether the statement is true or false
InvestCo purchases 30% of NewCo's stock on January 1, Year 1, for $100,000 . In Year 1, NewCo paid total dividends of $30,000 and had a net income of $70,000 . In Year 2, NewCo suffered a loss of $20,000 and paid no dividends. On January 1, Year 3, InvestCo sells its investment in NewCo for $105,000 . How is the sale recorded?
a. Cash 105,000 Loss on Sale 1,000 Investment in NewCo 106,000 b. Cash 105,000 Loss on Sale 4,000 Investment in NewCo 109,000 c. Cash 105,000 Loss on Sale 10,000 Investment in NewCo 115,000 d. Cash 105,000 Gain on Sale 14,000 Investment in NewCo 91,000 e. Cash 105,000 Treasury Stock 14,000 Investment in NewCo 91,000