(Appendix 4A) The following information relates to the Cutting Department of Kittina Corporation for the month of February. Kittina uses a FIFO process costing system. All materials at Kittina are added at the beginning of the production process.
On February 1, the work in process inventory account contained $55,620 of material cost and $123,120 of conversion cost. Cost per equivalent unit for February was $3.10 for materials and $7.50 for conversion costs.
-What total amount of cost should be assigned to the units in work in process on February 28?
Definitions:
Scientific Management
A management theory focusing on improving economic efficiency, particularly labor productivity, by systematically studying workflow and processes.
Total Quality Management
A management approach focused on continuous improvement and customer satisfaction across all areas of an organization through the involvement of all employees.
Reengineering
The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance, such as cost, quality, service, and speed.
Quality of Working Life
Refers to the overall well-being of employees within the workplace, including job satisfaction, work-life balance, and health.
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