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A department begins the month with 100 units at a cost of $7,500 and 25% complete in work in process. An additional 1,000 units are started during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in process which are 50% complete. Using FIFO, the ending balance in Work in Process Inventory is $ 1282 (rounded to nearest dollar). Blank 1

A department begins the month with 100 units at a cost of $7,500 and 25% complete in work in process. An additional 1,000 units are started during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in process which are 50% complete. Using FIFO, the ending balance in Work in Process Inventory is $ 1282 (rounded to nearest dollar). Blank 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The correct answer is 1163. If you cannot get this number, please do not answer the question.
Transcribed Image Text:The correct answer is 1163. If you cannot get this number, please do not answer the question.
A department begins the month with 100 units at a cost of $7,500 and 25% complete in work in process. An additional 1,000 units are started during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in process which are 50% complete. X Using FIFO, the ending balance in Work in Process Inventory is $ 1282 (rounded to nearest dollar). Blank 1
Transcribed Image Text:A department begins the month with 100 units at a cost of $7,500 and 25% complete in work in process. An additional 1,000 units are started during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in process which are 50% complete. X Using FIFO, the ending balance in Work in Process Inventory is $ 1282 (rounded to nearest dollar). Blank 1
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