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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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points Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process Inventory is 30% complete. The following data pertain to May: Work in process, May 1 Units started during May Units completed and transferred out Work in process, May 31 Costa Work in process, May 1 Costs incurred during May Totale Units 15,900 64,500 72,500 7,900 Total $ 45,750 237,330 $283,080 Direct Materials Conversion Costa $ 18,300 $ 27,450 73,800 163,530 $92,100 $ 190,980. Using the weighted average method of process costing, the total costs remaining in work in process on May 31 are closest to (Do not round Intermediate calculations)
Transcribed Image Text:points Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process Inventory is 30% complete. The following data pertain to May: Work in process, May 1 Units started during May Units completed and transferred out Work in process, May 31 Costa Work in process, May 1 Costs incurred during May Totale Units 15,900 64,500 72,500 7,900 Total $ 45,750 237,330 $283,080 Direct Materials Conversion Costa $ 18,300 $ 27,450 73,800 163,530 $92,100 $ 190,980. Using the weighted average method of process costing, the total costs remaining in work in process on May 31 are closest to (Do not round Intermediate calculations)
O O O O $0. $15,095. $16,831. $11,221. None of the answers is correct.
Transcribed Image Text:O O O O $0. $15,095. $16,831. $11,221. None of the answers is correct.
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