Information for the Current Month for the Polishing Department Is

question 91

Multiple Choice

Information for the current month for the Polishing Department is shown below. $$\begin{array} { l r r } & \text { Direct Materials}& \text { Conversion Cost } \\\text { Beginning work in process inventory } & \$ 8,100 & \$ 10,525 \\\text { Current month's costs } & \$ 31,240 & \$ 56,240 \\\text { Equivalent units based on the FIFO costing } & 7,000 & 74,000 \\\text { method } & & \\& & \\\text { Units completed ?69,000 } & & \\\text { Units in ending work in process inventory }- 66,000 & &\end{array}$$
Direct materials are added at the beginning of the process.Beginning work in process is 30 percent complete as to conversion costs; ending work in process inventory is 80 percent complete.Determine the cost of ending work in process inventory.

• A) $7,200
• B) $3,552
• C) $5,760
• D) $6,288

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Definitions:

Economic Value

The worth of a good or service determined by its ability to generate income or utility.

Compounded Monthly

Involves calculating and adding interest to the principal amount of an investment or loan on a monthly basis.

Deferred Annuity

An annuity where the start of the periodic payments is delayed by more than one payment interval.

Compounded Annually

The process where interest is calculated once per year and added to the principal sum, affecting the total amount and future interest calculations.