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Ad libitum [116K]
3 years ago
7

Steven Corporation uses the FIFO method in its process costing system. Department A's beginning work in process inventory consis

ted of 15,000 unit, 100% complete with respect to materials and 40% complete with respect to conversion costs. The total cost of this inventory was $31,000. A total of 40,000 units were transferred out during the month. The costs per equivalent unit were computed to be $1.30 for materials and $2.20 for conversion costs. What was the cost of the units completed and transferred out?
A. $140,000
B. $131,700
C. $138,300
D. $118,500
Business
1 answer:
Ivenika [448]3 years ago
4 0

Answer:

The cost of the units completed and transferred out is C. $138,300

Explanation:

FIFO method means that the units that were incomplete at the beginning of the period <em>are the first to be completed</em> followed by those started during the year.

The cost of of units completed and transferred is calculated as follows :

Cost in Opening Work In Process                                                  $31,000

Cost to Finish Opening Work In Process :

Raw Materials ( $1.30 × 0)                                                                   $0

Conversion ($2.20 × (15,000 × 60%))                                             $19,800

Started and Completed ((40,000 - 15,000) × ($1.30 + $2.20))     $87,500

Total Cost of of units completed and transferred                       $138,300

Conclusion :

The cost of the units completed and transferred out is $138,300.

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Direct labor $540

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2 years ago
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See explanation section

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(b)  Dec. 31   Interest Expense     Debit    $2,300

                    Interest payable      Credit   $2,300

To record the accrued interest expense on December 31 (Current year).

(c)  April 30  Notes payable      Debit     $230,000

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                    Interest Expense   Debit     $9,200

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To record the payment of the note at maturity.

6 0
3 years ago
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