Answer the following question(s) using the information below.Samantha's Office Supplies manufactures desk organizers in its Processing Department.Direct materials are added at the beginning of the process and conversion costs are incurred evenly throughout the production cycle.Inspection takes place at the end of the process and spoiled units generally constitute 4% of the good units.Data provided for February are as follows:
-What costs are allocated to the ending work-in-process inventory for direct materials and conversion costs, respectively, using the FIFO method of process costing?
Definitions:
Interest Annually
The amount of interest earned or paid over a one-year period.
Yield To Maturity
The total return anticipated on a bond if it is held until its maturity date, factoring in its current market price, face value, interest rates, and time to maturity.
Par Value
The nominal or face value of a bond, share of stock, or coupon as indicated on a bond or stock certificate.
Semi-Annually
Semi-annually refers to an event or action occurring twice a year, typically every six months.
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