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 $153,168 O $145,800 O $155,328 O $156,960 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 total cost of units in the ending work in process inventory at May 31 is

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 $153,168 O $145,800 O $155,328 O $156,960 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 total cost of units in the ending work in process inventory at May 31 is

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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