Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following nformation pertains to operations for the month of May 2012: Beginning work in process inventory, May 1 Started in production during May Completed production during May Ending work in process inventory, May 31 Units 16,000 100,000 92,000 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs. Costs pertaining to the month of May are as follows:
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following nformation pertains to operations for the month of May 2012: Beginning work in process inventory, May 1 Started in production during May Completed production during May Ending work in process inventory, May 31 Units 16,000 100,000 92,000 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs. Costs pertaining to the month of May are as follows:
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following
information pertains to operations for the month of May 2012:
Beginning work in process inventory, May 1
Started in production during May
Completed production during May
Ending work in process inventory, May 31
Units
O $5.83
O $5.65
O $6.20
O $6.00
16,000
100,000
92,000
24,000
The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90%
complete for materials and 40% complete for conversion costs.
Costs pertaining to the month of May are as follows:
The beginning inventory costs are: materials, $54,560; direct labor, $20,320; and factory overhead, $15,240.
Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160.
Using the FIFO method, the equivalent unit conversion cost for May is
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