On July 1, 2013, There Was No Beginning Inventory in Dept

question 38

Short Answer

On July 1, 2013, there was no beginning inventory in Dept. A, the first department. During the month, production was started on 3,000 units. The total cost of materials was $18,000. All materials were placed in production at the start of the manufacturing process in the department. During the month, 2,400 units were transferred to the next department. There were 600 units still in process at the end of the month.
1. What is the cost per equivalent unit for materials?
2. What is the cost of materials in the goods transferred to the next department?
3. What is the cost of materials in the ending work in process inventory?

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Definitions:

Platykurtic

A distribution of values that is flat or low relative to the normal curve. Values in such a distribution have a wider range.

Neokurtic

Refers to a distribution in statistics that is characterized by a relatively peaked (less flat) curve representing frequency of data points.

Leptokurtic

A distribution of values that is peaked or high relative to the normal curve. Values in such a distribution have a narrower range.

Monokurtic

Describing a distribution that has kurtosis similar to that of a normal distribution, indicating the data has moderate outliers or none, and the peak of the distribution is neither flat nor too sharp.