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nted-average method in its proc d percentage completion of thes Per Cost Comp 5 $ 6,000 $ 2,200 20

nted-average method in its proc d percentage completion of thes Per Cost Comp 5 $ 6,000 $ 2,200 20

FINANCIAL ACCOUNTING
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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Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: Percent Cost Complete Materials costs $ 6,000 $ 2, 200 50% Conversion costs 20% A total of 7,300 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $159, 200 $120,900 Conversion costs The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $19.19
Transcribed Image Text:Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: Percent Cost Complete Materials costs $ 6,000 $ 2, 200 50% Conversion costs 20% A total of 7,300 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $159, 200 $120,900 Conversion costs The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $19.19
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