Tori Company Uses the FIFO Method in Its Process Costing

question 136

Multiple Choice

Tori Company uses the FIFO method in its process costing system. The first processing department, the Soldering Department, started the month with 17,000 units in its beginning work-in-process inventory that were 70% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $101,150. An additional 68,000 units were started into production during the month. There were 23,000 units in the ending work-in-process inventory of the Soldering Department that were 80% complete with respect to conversion costs. A total of $565,125 in conversion costs were incurred in the department during the month.
What would be the cost per equivalent unit for conversion costs? (Round your answer to 3 decimal places.)

• A) $8.500.
• B) $8.311.
• C) $8.250.
• D) $7.839.

Recognize the impact of volcanic eruptions on the environment and life on Earth.

Explain the formation and characteristics of shield volcanoes.

Describe the features and implications of flood basalts.

Understand the concepts of lava flow and its interaction with the environment.

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Definitions:

Chi-squared Statistic

A measure used in statistics to evaluate the goodness of fit between observed values and those expected theoretically.

Two Categories

Descriptive of data or entities that can be divided into two distinct groups.

Chi-squared Goodness-of-fit

A statistical test used to determine if observed data matches the expected distribution of a given hypothesis.

Chi-squared Tests

Statistical tests used to determine if there is a significant difference between observed frequencies and the frequencies expected under a specific hypothesis.