Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory 600 Materials costs$6,600 Conversion costs$2,700 Percent complete with respect to materials 60%Percent complete with respect to conversion 10%Units started into production during the month 7,000 Materials costs added during the month$102,200 Conversion costs added during the month$259,200 Ending work-in-process inventory: Units in ending work-in-process inventory 1,500 Percent complete with respect to materials 55%Percent complete with respect to conversion 10%How many units were started AND completed during the month in the first processing department? 6,100. 5,500. 7,000. 7,600.

Process costing can be defined as an accounting concept under which manufacturing costs are…

Answered: Garrison Corporation uses the FIFO…

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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Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:


Beginning work-in-process inventory:
Units in beginning work-in-process inventory		600
Materials costs	$	6,600
Conversion costs	$	2,700
Percent complete with respect to materials		60	%
Percent complete with respect to conversion		10	%
Units started into production during the month		7,000
Materials costs added during the month	$	102,200
Conversion costs added during the month	$	259,200
Ending work-in-process inventory:
Units in ending work-in-process inventory		1,500
Percent complete with respect to materials		55	%
Percent complete with respect to conversion		10	%

How many units were started AND completed during the month in the first processing department?

		6,100.
		5,500.
		7,000.
		7,600.

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