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) $0.44
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the multiple choice answer for numbers 7 8 and 9?
Transcribed Image Text:8:20 M
7) Raymond Inc. has the following information
in its books for the month of November
2020.
1 Nov. WIP (25% completed as to
conversion cost)
5,000
Started into production during November
60,000
30 Nov. WIP (30% completed as to
conversion costs)
15,000
Costs were as follows:
Conversion ($)
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
||
Transcribed Image Text:8:20 M
8) Avery is planning to purchase inventory for
resale costing $100,000 in July. $150,000 in
August and $90,000 for September. The
company pays 40% for the goods in the
month of purchase and 60% in the month
following the purchase. What is the
budgeted cash disbursement for the
purchase of the inventory for the month of
September?
a) $100,000
b) $150,000
c) $90,000
d) $126,000
9) This standard is set at a level that may be
reached with reasonable effort
a) Attainable standard
b) Unattainable standard
c) Ideal standard
d) Variance from standard
10) Under the method of least squares, a
linear equation is developed in the form of
wherein Y is total cost, a= fixed cost, x
is output and b= marginal cost.
a) Y=a*bx
b) Y=a-bx
c) Y=a+bx
d) Y=ab*x
||
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