Ac552 W3 Lecture Process Costing Quiz

Decent Essays
Use the following information for questions 1--10. Top That manufactures baseball-style hats. Material is introduced at the beginning of the process in the Cutting Department. Conversion costs are incurred (and allocated) uniformly throughout the process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing Department. Data for the Cutting Department for the month of February 2005 follow: Work in process, January 31-- 50,000 units 100% complete for direct materials, 40% completed for conversion costs actual costs of direct materials, $70,500; actual costs of conversion, $34,050 Units started during February, 225,000 Units completed during February, 200,000…show more content…
$1.52 $1.81

6. Assuming Top That uses the first-in, first-out (FIFO) method to account for inventories, the assignment of costs to units completed and transferred to the Sewing Department during February is a. $658,350. b. $636,450. c. $666,000. d. $652,000.

The following additional data apply to questions 7--9. Standard costs for the Cutting Department: Direct materials - $1.50 per unit;
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