Flynn Company has recently tried to improve its analysis for its manufacturingprocess. Units started into production equaled 80,000 and ending work in processequaled 32,000 units. Flynn had no beginning work in process inventory. Conversioncosts are applied equally throughout production, and materials are applied at thebeginning of the process. How much is the materials cost per unit if ending work inprocess was 30% complete and total materials costs equaled $200,000?O $2.50O $4.00O $10.00O $2,84 Fern Company reported the following year-end information:Beginning work in process inventory$1,200,000Beginning raw materials inventory500,000Ending work in process inventory800,000Ending raw materials inventory400,000Raw materials purchased800,000Direct labor700,000Manufacturing overhead600,000Fern Company's cost of goods manufactured for the year is$2,900,000.O $1,800,000.O $4,200,000.$2,600,000.

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Description: Flynn Company has recently tried to improve its analysis for its manufacturingprocess. Units started into production equaled 80,000 and ending work in processequaled 32,000 units. Flynn had no beginning work in process inventory. Conversioncosts are

Process costing refers to an accounting system which is used by manufacturing companies who are…

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beginning of the process. How much is the materials cost per unit if ending work in process was 30% complete and total materials costs equaled $200,000?

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Flynn Company has recently tried to improve its analysis for its manufacturing
process. Units started into production equaled 80,000 and ending work in process
equaled 32,000 units. Flynn had no beginning work in process inventory. Conversion
costs are applied equally throughout production, and materials are applied at the
beginning of the process. How much is the materials cost per unit if ending work in
process was 30% complete and total materials costs equaled $200,000?
O $2.50
O $4.00
O $10.00
O $2,84

Fern Company reported the following year-end information:
Beginning work in process inventory
$1,200,000
Beginning raw materials inventory
500,000
Ending work in process inventory
800,000
Ending raw materials inventory
400,000
Raw materials purchased
800,000
Direct labor
700,000
Manufacturing overhead
600,000
Fern Company's cost of goods manufactured for the year is
$2,900,000.
O $1,800,000.
O $4,200,000.
$2,600,000.

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