Jackson Ltd

question 133

Essay

Jackson Ltd.uses an automated process in its manufacturing operations.On September 1, the company had 15,000 units in beginning work in process which were 60% complete with respect to conversion.During the month of September, it started 100,000 into production.On September 30, there were 20,000 units in process, which were 30% complete with respect to conversion.Direct materials are added at the beginning of the process, and no units are spoiled in production.The beginning inventory had direct materials costs of $135,900 and conversion costs of $38,500.During the month, the company issues $620,000 of direct materials and incurred $199,400 of conversion costs.Required:
Prepare a production cost worksheet using the FIFO method.Round equivalent unit costs to the nearest cent.

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Definitions:

Null Hypothesis

A hypothesis that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error.

Null Hypothesis

In statistical testing, it is the default assumption that there is no difference or effect, intended to be either rejected or not rejected based on data.

Type II Error

The error that occurs when a false null hypothesis is not rejected, also known as a false negative.