Sparky Corporation Uses the FIFO Method of Process Costing

question 170

Multiple Choice

Sparky Corporation uses the FIFO method of process costing.The following information is available for February in its Molding Department: Units:
Beginning Inventory: 25,000 units,100% complete as to materials and 55% complete as to conversion.
Units started and completed: 110,000.
Units completed and transferred out: 135,000.
Ending Inventory: 30,000 units,100% complete as to materials and 30% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials: $43,000.
Costs in beginning Work in Process - Conversion: $48,850.
Costs incurred in February - Direct Materials: $287,000.
Costs incurred in February - Conversion: $599,150.
-Calculate the equivalent units of materials.

• A)165,000
• B)144,000
• C)140,000
• D)130,250
• E)110,000

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Definitions:

Chimpanzees

Highly intelligent primates belonging to the species Pan troglodytes, known for their complex social behaviors and use of tools.

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A process that brings together personal and environmental experiences and influences for acquiring, enriching, or modifying one's knowledge, skills, behaviors, or values.

Methodical Approach

A systematic, orderly way of tackling a problem or project by following a specific set of steps or procedures.