In the first month of operations, material costs of $500,000 and conversion costs of $535,500 were charged to a processing department. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. 100,000 units were started into production during the month, and there were 8,000 units in ending work in process that were 30% complete. Given this, the total amount of manufacturing costs assigned to those units that were completed and transferred out during the month is closest to which amount?
a. $990,000.
b. $1,060,000.
c. This is not able to be determined from the provided information.
d. $980,000.
e. $970,000.
f. $1,070,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “In the first month of operations, material costs of $500,000 and conversion costs of $535,500 were charged to a processing department. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Despite zero population growth, why is the population of the United States growing?
Answers (1)
Hudson Hotel collects 15% in city sales taxes on room rentals, in addition to a $2 per room, per night, occupancy tax.
Answers (1)
South Company purchased North Company. South Company paid $550,000 cash and assumed all of North Company's liabilities. On the date of purchase, North's books showed tangible assets of $500,000, liabilities of $20,000, and equity of $480,000.
Answers (1)
Acme Manufacturing Company's controller was classifying costs for the most recent financial statement period. Which of the following should be excluded from the calculation of gross margin? Group of answer choices Factory worker wages.
Answers (1)
Use the price of apples and oranges to calculate a price index called the Apple and Oranges Price Index (AOPI). Apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $0.50 in 2009.
Answers (1)
New Questions in Business
Fleet Foot Shoes has been successful at differentiating itself from competitors by claiming a premium price for its athletic footwear based on superior design and high-quality materials.
Answers (1)
Which of the following statements is most likely true of market follower strategies? market followers have the resources to expand the market by developing new users, new uses, and more usage of its products.
Answers (1)
The return on a Futures contract A) is Highly related to the low margin requirement B) is always equal to or greater than zero C) Tends to be fairly stable from one trading day to the next D) is solely related to the current price of the underlying
Answers (1)
On October 15, 2018, a 5% stock dividend was declared and distributed. The fair value of the common stock on this date was $31.8 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights.
Answers (1)
Which sources of information would be the most inclusive for an entrepreneur determining information to complete financial statements?
Answers (1)