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

question 27

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 unit cost for conversion costs is

• A) $1.05.
• B) $0.80.
• C) $0.72.
• D) $0.95.

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