Penny, Inc. employs a process costing system. Direct materials are added at the

Question

Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities:
On July 1:
Beginning inventories 850 units, 60% complete
Direct materials cost $5,000
Conversion costs $4,000
During July:
Number of units started 15,000
Direct materials added $155,000
Conversion costs added $83,520
On July 31:
Ending inventories 1,600 units, 40% complete
Using the FIFO method, the number of equivalent units of conversion costs was
a. 15,850
b. 14,550
c. 14,380
d. 14,400

Explanation / Answer

b. 14,550

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