The Jones Corporation uses a process system. During the current period, 3,000 units were started and 2,100 units were completed and transferred out. Ending units were 60% complete for materials and 35% complete for conversion costs. Direct materials costs added were $35,405 and conversion costs added were $25,870. There was no beginning WIP inventory, and conversion costs are added evenly throughout the process. At the end of the period, the cost per equivalent unit for conversion costs would be closest to 1. $13.41 2. $10.71 3. $16.86 4. $12.32

The Jones Corporation uses a process system. During the current period, 3,000 units were started and 2,100 units were completed and transferred out. Ending units were 60% complete for materials and 35% complete for conversion costs. Direct materials costs added were $35,405 and conversion costs added were $25,870. There was no beginning WIP inventory, and conversion costs are added evenly throughout the process. At the end of the period, the cost per equivalent unit for conversion costs would be closest to 1. $13.41 2. $10.71 3. $16.86 4. $12.32

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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Question

The Jones Corporation uses a process
system. During the current period,
3,000 units were started and 2,100
units were completed and transferred
out. Ending units were 60% complete
for materials and 35% complete for
conversion costs. Direct materials costs
added were $35,405 and conversion
costs added were $25,870. There was
no beginning WIP inventory, and
conversion costs are added evenly
throughout the process. At the end of
the period, the cost per equivalent unit
for conversion costs would be closest
to
1. $13.41
2. $10.71
3. $16.86
4. $12.32

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