Fuller Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were: Cost PercentCompleteMaterials costs$12,700 85% Conversion costs$10,900 30% A total of 9,800 units were started and 8,800 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: CostMaterials costs$175,600 Conversion costs$420,900 The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing
department according to the company's cost system is closest to:
A. $77,994
B. $104,725
C. $73,308
D. $89,016
Answer: A
You might also like to view...
As a starting point for testing capital stock and equity transactions, which of the following should the auditor perform?
a. Trace the proceeds of stock sold to the cash receipts journal. b. Review the minutes of the board of directors meetings. c. Examine documentation maintained by the transfer agent. d. Review a copy of the client's articles of incorporation.
Sheet steel to be used in making automobile fenders is an example of
A. raw materials. B. supplies. C. component parts. D. accessory equipment. E. process materials.
Crocetti Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit$121Budgeted unit sales (all on credit): January 7,000 February 7,500 March 11,900 April 14,900?Credit sales are collected: 40% in the month of the sale 60% in the following month?The budgeted accounts receivable balance at the end of February is closest to:
A. $907,500 B. $363,000 C. $605,000 D. $544,500
It is easier to calculate response rates for online surveys than for phone surveys.
Answer the following statement true (T) or false (F)