Fish Fillet Incorporated Obtains Fish and Then Processes Them into Frozen

question 85

Multiple Choice

Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for distribution to its retail sales department.Direct materials are added at the initiation of the cycle.Conversion costs are incurred evenly throughout the production cycle.Before inspection,some fillets are spoiled due to undetectable defects.Inspection occurs when units are 45% converted.Spoiled fillets generally constitute 6% of the good fillets.Data for April 2017 are as follows:

Costs for April:

What is the total cost per equivalent unit using the weighted-average method of process costing? (Round any cost per unit calculations to the nearest cent. )

• A)$3.38
• B)$2.02
• C)$2.03
• D)$4.05

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Definitions:

Community Property

A form of joint property ownership typically between spouses, where assets acquired during the marriage are owned equally by both parties.

Joint Tenancy

is a form of property ownership by two or more persons where each owns an undivided interest, and upon death, the survivor(s) automatically assumes ownership of the deceased's share.

Inheritable Tenancy

A type of tenancy that allows the tenant's rights in the property to be passed on to their heirs.

Community Property

A legal concept in certain jurisdictions that property acquired during marriage is owned jointly by both spouses.