Malaviya Corporation uses the FIFO method in its process-costing system. Operating data for the Casting Department for the month of September appear below:
Units Percent Complete
with Respect to
Beginning work in process inventory 17,000 40%
Transferred in from the prior department
during September 72,000
Ending work in process inventory 18,000 30%
According to the company’s records, the conversion cost in the beginning work-in-process inventory was $63,104 at the beginning of September. Additional conversion costs of $654,240 were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for September? (Round off to three decimal places.)
Which person would occupy a line position in a department store?
I. Sales manager
II. Manager, furniture department
III. Manager, advertising department
IV. Manager, personnel department
A. Only I, II, III
B. Only I
C. I, II, III, IV
D. Only I and II
Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
A total of 9,200 units were started, and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Material costs $113,900
Conversion costs $322,500
The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that’s the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.
4. The total cost transferred from the first processing department to the next processing department during the month is closest to
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