Kirkpatrick Company Uses a Process-Cost System with the FIFO Method

question 53

Multiple Choice

Kirkpatrick Company uses a process-cost system with the FIFO method of accounting for beginning inventories. Materials are added at the beginning of the process, and conversion costs are incurred uniformly. Work-in-process at the beginning is assumed to be 40 percent complete and at the end to be 70 percent complete. Additional data follow:

-The total cost of the units completed and transferred is

• A) $295,920.
• B) $306,840.
• C) $289,200.
• D) $298,840.

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Definitions:

Product Class

A category that groups products based on their function, consumer perceptions, or attributes, such as electronics or household goods.

Product Form

Pertains to variations of a product within the product class.

Solar Rechargeable Batteries

Batteries that can be recharged by converting sunlight directly into electrical energy through photovoltaic cells.

Product Life Cycle

An idea that outlines the phases a product experiences from its launch, to expansion, peak, and finally, its decrease in the marketplace.