question archive The debits to Work in Process—Assembly Department for May, together with data concerning production, are as follows: May 1, work in process: Materials cost, 3,000 units $ 8,000 Conversion costs, 3,000 units, 66
The debits to Work in Process—Assembly Department for May, together with data concerning production, are as follows: May 1, work in process: Materials cost, 3,000 units $ 8,000 Conversion costs, 3,000 units, 66
Subject:AccountingPrice: Bought3
The debits to Work in Process—Assembly Department for May, together with data concerning production, are as follows:
May 1, work in process:
Materials cost, 3,000 units $ 8,000
Conversion costs, 3,000 units, 66.7% completed 6,000
Materials added during May, 10,000 units 30,000
Conversion costs during May 31,000
Goods finished during May, 11,500 units 0
May 31 work in process, 1,500 units, 50% completed 0
1. All direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The materials cost per equivalent unit for May is
a. $2.92
b. $3.00
c. $2.31
d. $3.80
2. The following production data were taken from the records of the Finishing Department for June:
Inventory in process, June 1 (30% completed) 4,000 units
Completed units during June 65,000 units
Ending inventory (60% complete) 7,000 units
What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories?
a. 66,200 units
b. 70,400 units
c. 4,200 units
d. 68,000 units
