A.P. Hill Corporation uses a process-costing system. Products are manufactured in a series of three departments. The following data relate to Department Two for the month of February: Beginning work-in-process (70% complete) 14,000 units Goods started in production Ending work-in-process (60% complete) 85,000 units 9,500 units The beginning work-in-process was valued at $71,000, consisting of $23,000 of transferred- in costs, $36,000 of materials costs, and $19,000 of conversion costs. Materials are added at the beginning of the process; conversion costs are added evenly throughout the process. Costs added to production during February were Transferred-in Materials used $19,000 $94,000 Conversion costs $56,000 Assuming the company uses the FIFO method of inventory valuation, what amount of materials cost is included in A.P. Hill's ending work-in-process inventory?
A.P. Hill Corporation uses a process-costing system. Products are manufactured in a series of three departments. The following data relate to Department Two for the month of February: Beginning work-in-process (70% complete) 14,000 units Goods started in production Ending work-in-process (60% complete) 85,000 units 9,500 units The beginning work-in-process was valued at $71,000, consisting of $23,000 of transferred- in costs, $36,000 of materials costs, and $19,000 of conversion costs. Materials are added at the beginning of the process; conversion costs are added evenly throughout the process. Costs added to production during February were Transferred-in Materials used $19,000 $94,000 Conversion costs $56,000 Assuming the company uses the FIFO method of inventory valuation, what amount of materials cost is included in A.P. Hill's ending work-in-process inventory?
A.P. Hill Corporation uses a process-costing system. Products are manufactured in a series of three departments. The following data relate to Department Two for the month of February: Beginning work-in-process (70% complete) 14,000 units Goods started in production Ending work-in-process (60% complete) 85,000 units 9,500 units The beginning work-in-process was valued at $71,000, consisting of $23,000 of transferred- in costs, $36,000 of materials costs, and $19,000 of conversion costs. Materials are added at the beginning of the process; conversion costs are added evenly throughout the process. Costs added to production during February were Transferred-in Materials used $19,000 $94,000 Conversion costs $56,000 Assuming the company uses the FIFO method of inventory valuation, what amount of materials cost is included in A.P. Hill's ending work-in-process inventory?
A.p hill Corporation uses a process costing system
Transcribed Image Text:A.P. Hill Corporation uses a process-costing system. Products are manufactured in a series of
three departments. The following data relate to Department Two for the month of February:
Beginning work-in-process (70% complete) 14,000 units
Goods started in production
Ending work-in-process (60% complete)
85,000 units
9,500 units
The beginning work-in-process was valued at $71,000, consisting of $23,000 of transferred-
in costs, $36,000 of materials costs, and $19,000 of conversion costs. Materials are added at
the beginning of the process; conversion costs are added evenly throughout the process. Costs
added to production during February were
Transferred-in
Materials used
$19,000
$94,000
Conversion costs $56,000
Assuming the company uses the FIFO method of inventory valuation, what amount of
materials cost is included in A.P. Hill's ending work-in-process inventory?
Definition Definition Operation costing method employed to determine the value of a product at each process or stage of the production process, applicable where goods produced from a series of continuous operations or procedure. Process costing is employed by businesses that manufacture goods and where production is in repetitive inflow.
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