$35,144 $16,775 $10,543 $26,358 Morvan Corporation uses the FIFO method in its p

Question

$35,144 $16,775 $10,543 $26,358 Morvan Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: $35,144 $16,775 $10,543 $26,358

Explanation / Answer

Sanchez - A 480,630 52,000 units were from prior dept. But 55,500 units were transferred out x 8.66. BB 7,000 + Recvd 52,000 - EB 3,500 = 55,500 Ozogus - A 36,600. But under FIFO, (1) 4500 x 40% = 1,800 + (2) Started & Completed 35,300 - EB 5,000 = 30,300 plus (3) EB 5,000 x 90% = 4,500 = 36,600 #14 B is correct under FIFO, not C #15 A - I agree

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