Crawford Company Has the Following Equivalent Units for July: Materials

question 7

Short Answer

Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000.Production cost data are: $\begin{array}{lrr}&\text { Materials }&\text { Conversion }\\\text { Work in process, July 1 } & \$ 6,400 & \$ 3,000 \\\text { Costs added in July } & 50,400 & 42,000\end{array}$

$\text { The unit production costs for July are: }$
$\begin{array}{lrr}&\text { Materials }&\text { Conversion Costs }\\\text { a. } & \$ 2.52 & \$ 2.50 \\\text { b. } & 2.84 & 2.33 \\\text { c. } & 2.52 & 2.33 \\\text { d. } & 2.84 & 2.50\end{array}$

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Definitions:

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxation by the government.

Marginal Tax Rate

The rate of tax applied to the last dollar of income or the next dollar of taxable income earned.

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A significant decline in global economic activity that occurred from late 2007 through 2009, considered the most severe economic downturn since the Great Depression.