The Dover Corporation uses the first-in, first-out method in its process costing system. The following information relates to one month's activity in the Cooking Department of the company:
There was $23,600 of conversion cost in the beginning work in process inventory. During the month, $327,000 in additional conversion cost was incurred.Required:a. Determine the equivalent units of production for conversion for the month.b. Determine the cost per equivalent unit of production for conversion for the month.c. Determine the total cost assigned to the ending work in process inventory.d. Determine the total cost transferred out during the month.
Definitions:
Discrete
Discrete refers to a type of data or variable that can take on a finite number of values and is countable, such as the number of students in a class.
Ratio
A quantitative relationship between two numbers showing how many times one value contains or is contained within the other.
Continuous
Describes data or functions that are unbroken and consistent over a range, typically involving an infinite number of points.
Mean
The arithmetic average of a set of values or quantities, calculated by adding them together and dividing by the number of terms in the set.
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