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Steven Company uses the FIFO method in its process costing system. The following data were taken from the accounting records of a particular department for March: Beginning work-in-progress inventory: € 27,500 (10,000 units; 100% complete like to materials,40% complete like to conversion) Units completed and transferred out during the month: 50,000 units Cost per equivalent unit of production for March: Material € 2.25 Conversion € 2.10 What was the total cost of units transferred out of the department during March? a) €186,600 b) €214,100 c) €217,500 d) €245,000

Steven Company uses the FIFO method in its process costing system. The following data were taken from the accounting records of a particular department for March: Beginning work-in-progress inventory: € 27,500 (10,000 units; 100% complete like to materials,40% complete like to conversion) Units completed and transferred out during the month: 50,000 units Cost per equivalent unit of production for March: Material € 2.25 Conversion € 2.10 What was the total cost of units transferred out of the department during March? a) €186,600 b) €214,100 c) €217,500 d) €245,000

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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6.Steven Company uses the FIFO method in its process costing system. The following data were taken from the accounting records of a particular department for March:

Beginning work-in-progress inventory: € 27,500

(10,000 units; 100% complete like to materials,40% complete like to conversion)

Units completed and transferred out

during the month: 50,000 units

Cost per equivalent unit of production for March:

Material € 2.25

Conversion € 2.10

What was the total cost of units transferred out of the department during March?

a) €186,600

b) €214,100

c) €217,500

d) €245,000

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