Secure Help Save&Exit; Submit hapter 4 Quiz system. Operating data for the Curin

Question

Secure Help Save&Exit; Submit hapter 4 Quiz system. Operating data for the Curing Department for the month of 9 Tabet Corporation uses the FIFO method in Its process costing March appear below Complete Respect to 6,600 70 57,900 Beginning work in process inventory Transterred in from the prior departnent daring Marelh Completed and transterred to the next department during March59,600 Ending work in process inventory 59,600 and transferred to the next department during March 4.90090 of recordt the conversion cost in beginning work in process inventory was $21249 at the beginning According to the company's March. The cost per equivalent unit for conversion costs for March was $5.90. How the units completed and transferred out of the department during March? much conversion cost would be assigned to Multiple Choice

Explanation / Answer

Ans) Total units WIp opening = 6,600

        Units as per conversion completion = 6,600*30% = 1,980

       Units Started and completed in the month = 59,600-6,600 = 53,000

        Total equivalent units = 53,000 + 1,980 = 54,980

        Conversion cost would be assigned to the units completed and transfered out of the department during march

                       = Total equivalent units * Cost per equivalent unit for conversion cost

                       = 54,980 * $5.9

                       = $324,382

       Ans is option 1 - $324,382

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