Units Beginning work-in-process inventory, May 1 Started in production during May Completed production during May Ending work-in-process inventory, May 31 16,000 100,000 92,000 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The end- ing inventory was 90% complete for materials and 40% complete for conversion costs. Costs pertaining to the month of May are as follows. • Beginning inventory costs are: materials, $54,560; direct labor $20,320; and factory overhead, $15,240. • Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160. Using the weighted-average method, the equivalent-unit conversion cost for May is: 1. $5.65 3. $6.00 2. $5.83 4. $6.41

Units Beginning work-in-process inventory, May 1 Started in production during May Completed production during May Ending work-in-process inventory, May 31 16,000 100,000 92,000 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The end- ing inventory was 90% complete for materials and 40% complete for conversion costs. Costs pertaining to the month of May are as follows. • Beginning inventory costs are: materials, $54,560; direct labor $20,320; and factory overhead, $15,240. • Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160. Using the weighted-average method, the equivalent-unit conversion cost for May is: 1. $5.65 3. $6.00 2. $5.83 4. $6.41

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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Subject :- Accounting
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