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There were 3,750 units that were 80 percent complete remaining in Mixing at January 31. The cost of goods transferred to the Molding Department during January using the FIFO method is

There were 3,750 units that were 80 percent complete remaining in Mixing at January 31. The cost of goods transferred to the Molding Department during January using the FIFO method is

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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Rawlings, Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the Mixing Department. Information for the Mixing Department for January follows: Work in process, January 1: Units (35% complete) 7,500 Direct materials $36,000 Direct labor $45,000 Overhead $15,000 During January, 26,750 units were completed and transferred to the Molding Department. The following costs were incurred by the Mixing Department during January: Direct materials $133,050 Direct labor 180,000 Overhead (applied) 45,000 There were 3,750 units that were 80 percent complete remaining in Mixing at January 31. The cost of goods transferred to the Molding Department during January using the FIFO method is
Transcribed Image Text:Rawlings, Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the Mixing Department. Information for the Mixing Department for January follows: Work in process, January 1: Units (35% complete) 7,500 Direct materials $36,000 Direct labor $45,000 Overhead $15,000 During January, 26,750 units were completed and transferred to the Molding Department. The following costs were incurred by the Mixing Department during January: Direct materials $133,050 Direct labor 180,000 Overhead (applied) 45,000 There were 3,750 units that were 80 percent complete remaining in Mixing at January 31. The cost of goods transferred to the Molding Department during January using the FIFO method is
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