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Use this information about Carmelita Inc. to answer the question that follows. Carmelita Inc. has the following information available: Direct materials Conversion costs Costs from Beginning Inventory Costs from Current Period $2,000 6,200 $ 22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. Round cost-per-unit figures to the nearest cent when computing total costs. The total costs transferred to Finished Goods for units started and completed were a. $161,775 b. $162,855 c. $156,960 d. $161,505

Use this information about Carmelita Inc. to answer the question that follows. Carmelita Inc. has the following information available: Direct materials Conversion costs Costs from Beginning Inventory Costs from Current Period $2,000 6,200 $ 22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. Round cost-per-unit figures to the nearest cent when computing total costs. The total costs transferred to Finished Goods for units started and completed were a. $161,775 b. $162,855 c. $156,960 d. $161,505

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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Use this information about Carmelita Inc. to answer the question that follows. Carmelita Inc. has the following information available: Direct materials Conversion costs Costs from Beginning Inventory Costs from Current Period $2,000 6,200 $ 22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. Round cost-per-unit figures to the nearest cent when computing total costs. The total costs transferred to Finished Goods for units started and completed were a. $161,775 b. $162,855 c. $156,960 d. $161,505
Transcribed Image Text:Use this information about Carmelita Inc. to answer the question that follows. Carmelita Inc. has the following information available: Direct materials Conversion costs Costs from Beginning Inventory Costs from Current Period $2,000 6,200 $ 22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. Round cost-per-unit figures to the nearest cent when computing total costs. The total costs transferred to Finished Goods for units started and completed were a. $161,775 b. $162,855 c. $156,960 d. $161,505
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