Questions 6-9 refer to the following information: Break-a-Few Co. makes drinking glasses using FIFO process costing. The following is the conversion cost information for July: Beginning inventory Started into process Transferred out Ending inventory 60 units, 40% complete (total cost $35) 800 units 700 units 40 units, 30% complete Normal spoilage is 10% of good production. Spoilage is detected at the end of the process. The current- period conversion costs are $1.75 per unit. 6. For July, the conversion cost equivalent units are (a) 724 units (b) 748 units (c) 808 units (d) 828 units 7. The conversion costs assigned to the goods transferred to the next department are: (a) $1,218.00 (b) $1,305.50 (c) $1,340.50 (d) $1,428.00 8. The abnormal spoilage expense in July is (b) $17.50 (c) $87.50 (d) $122.50 (a) $0.00

Questions 6-9 refer to the following information: Break-a-Few Co. makes drinking glasses using FIFO process costing. The following is the conversion cost information for July: Beginning inventory Started into process Transferred out Ending inventory 60 units, 40% complete (total cost $35) 800 units 700 units 40 units, 30% complete Normal spoilage is 10% of good production. Spoilage is detected at the end of the process. The current- period conversion costs are $1.75 per unit. 6. For July, the conversion cost equivalent units are (a) 724 units (b) 748 units (c) 808 units (d) 828 units 7. The conversion costs assigned to the goods transferred to the next department are: (a) $1,218.00 (b) $1,305.50 (c) $1,340.50 (d) $1,428.00 8. The abnormal spoilage expense in July is (b) $17.50 (c) $87.50 (d) $122.50 (a) $0.00

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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