Question 15  The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020:                                                             Physical units              Direct Materials          Conversion Costs Beginning WIP                                     100                              $459,888                      $142,570 Started in May 2020                             510                              Completed during May 2020                 450 Total costs added during May 2020                                           $3,237,000                   $1,916,000   Degree of completion: Beginning WIP: direct materials 80%; conversion costs 35% Degree of completion: Ending WIP: direct materials 80%; conversion costs 40% What would be the cost of units completed and transferred out using FIFO method? Group of answer choices $4,065,000 $4,667,140 $1,088,000 $4,207,570

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Question 15 

The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020:

                                                            Physical units              Direct Materials          Conversion Costs

Beginning WIP                                     100                              $459,888                      $142,570

Started in May 2020                             510                             

Completed during May 2020                 450

Total costs added during May 2020                                           $3,237,000                   $1,916,000

 

Degree of completion: Beginning WIP: direct materials 80%; conversion costs 35%

Degree of completion: Ending WIP: direct materials 80%; conversion costs 40%

What would be the cost of units completed and transferred out using FIFO method?

Group of answer choices
$4,065,000
$4,667,140
$1,088,000
$4,207,570
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