Malmedy Corporation uses the first-in, first-out method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process ? Percent complete with respect to materials 75% Percent complete with respect to conversion 50% Costs in the beginning inventory: Materials cost $ 2,300 Conversion cost $ 3,600 Units started into production during the month 25,200 Units completed and transferred out during the month 24,000 Costs added to production during the month: Materials cost $ 98,750 Conversion cost $ 220,500 Work in process, ending: Units in process 2,000 Percent complete with respect to materials 80% Percent complete with respect to conversion 45% What was the cost per equivalent unit for materials during the month? $5.00 $2.00 $3.95 $4.50
Malmedy Corporation uses the first-in, first-out method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process ? Percent complete with respect to materials 75% Percent complete with respect to conversion 50% Costs in the beginning inventory: Materials cost $ 2,300 Conversion cost $ 3,600 Units started into production during the month 25,200 Units completed and transferred out during the month 24,000 Costs added to production during the month: Materials cost $ 98,750 Conversion cost $ 220,500 Work in process, ending: Units in process 2,000 Percent complete with respect to materials 80% Percent complete with respect to conversion 45% What was the cost per equivalent unit for materials during the month? $5.00 $2.00 $3.95 $4.50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Malmedy Corporation uses the first-in, first-out method in its
| Work in process, beginning: | |
|---|---|
| Units in process | ? |
| Percent complete with respect to materials | 75% |
| Percent complete with respect to conversion | 50% |
| Costs in the beginning inventory: | |
| Materials cost | $ 2,300 |
| Conversion cost | $ 3,600 |
| Units started into production during the month | 25,200 |
| Units completed and transferred out during the month | 24,000 |
| Costs added to production during the month: | |
| Materials cost | $ 98,750 |
| Conversion cost | $ 220,500 |
| Work in process, ending: | |
| Units in process | 2,000 |
| Percent complete with respect to materials | 80% |
| Percent complete with respect to conversion | 45% |
What was the cost per equivalent unit for materials during the month?
|
$5.00
|
||
|
$2.00
|
||
|
$3.95
|
||
|
$4.50
|
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