quiz 5 solution

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Question 1 XYZ Company operates two departments, the assembly department and the finishing department. During June, the assembly department reported the following information: units % complete DM % complete conversion work in process, June 1 24,000 75% 40% units completed during June 50,000 work in process, June 30 37,000 80% 20% The cost of beginning work in process and the costs added during June were as follows: DM Conversion Total cost work in process, June 1 $ 43,360 $ 70,000 $113,360 costs incurred during June 529,760 234,220…show more content…
$ 8.60 ($529,760 ÷ 61,600) Conversion costs ............ 4.90 ($234,220 ÷ 47,800) Total unit cost ............. 13.50 Cost of ending work in process: Direct materials ............ $254,560 (29,600 x $8.60) Conversion costs ............ 36,260 (7,400 x $4.90) Total ....................... $290,820 Question 4 XYZ Company operates two departments, the assembly department and the finishing department. During June, the assembly department reported the following information: units % complete DM % complete conversion work in process, June 1 24,000 75% 40% units completed during June 50,000 work in process, June 30 37,000 80% 20% The cost of beginning work in process and the costs added during June were as follows: DM Conversion Total cost work in process, June 1 $ 43,360 $ 70,000 $113,360 costs incurred during June 529,760 234,220 763,980 total costs $573,120 $304,220 $877,340 Calculate the total cost of the 24,000 units in beginning work in process using the FIFO process costing method. Correct answer $235,520 Explanation: Units % Complete Equivalent Units direct materials conversion costs direct materials conversion costs Beginning work in
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