7) Raymond Inc. has the following information in its books for the month of November 2020. 1 Nov. WIP (25% completed as to conversion cost) 5,000 Started into production during November 60,000 30 Nov. WIP (30% completed as to conversion costs) 15,000 Costs were as follows: Conversion ($) Materials November 1 WIP 1 015 1 450 November Costs 54,875 16, 200 The company uses the FIFO method and all materials are added at the start of production. Calculate the cost per equivalent unit for materials a) $0.39 b) $0.27 c) $0.29 d) $0.44
7) Raymond Inc. has the following information in its books for the month of November 2020. 1 Nov. WIP (25% completed as to conversion cost) 5,000 Started into production during November 60,000 30 Nov. WIP (30% completed as to conversion costs) 15,000 Costs were as follows: Conversion ($) Materials November 1 WIP 1 015 1 450 November Costs 54,875 16, 200 The company uses the FIFO method and all materials are added at the start of production. Calculate the cost per equivalent unit for materials a) $0.39 b) $0.27 c) $0.29 d) $0.44
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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