The Stewart Company Had Computed the Flow of Units for Department

question 64

Essay

The Stewart Company had computed the flow of units for Department 123 for the month of July as follows: $\begin{array}{ll}\text { Work in process, July } 1 \text { : } & 10,000 \\\text { Started into production during July } & \underline{39,000} \\\text { Units to be accounted for } & \underline{49,000}\end{array}$ $\begin{array}{lrr}&\text { Beginning }&\text { Added during the }\\&\text { work in process }&\text { current month }\\\text { Materials } & \$ 20,800 & \$ 97,500 \\\text { Labour } & 5,200 & 34,920 \\\text { Factory overhead } & 4,800 & 32,980 \\\text { Total } & \$ 30,800 & \$ 165,400\end{array}$ Materials are added at the beginning of the process.There were 8,000 units of work in process at July 31.The work in process at July 1 was 70% complete as to direct labour and factory overhead costs,and the work in process at July 31 was 60% complete as to direct labour and factory overhead costs.What was the cost of the goods transferred out and in ending work in process using the FIFO method?

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Definitions:

Medicalized

Describes a process by which non-medical issues are treated or viewed as medical problems, leading to the use of medical terminology, interventions, or treatments.

Public Inebriation

The act of being visibly intoxicated or under the influence of alcohol in a public setting.

Moral Failing

A flaw or weakness in a person's character that leads them to actions considered unethical or morally wrong.

Alcoholism

A chronic disease characterized by uncontrolled drinking and preoccupation with alcohol, leading to physical and psychological dependence.