Leeds Electronics Uses the FIFO Method in Its Process Costing

question 19

Multiple Choice

Leeds Electronics uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month is listed below:
-Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. The cost of ending work in process stock in the first processing department according to the company's cost system is closest to:

• A)£26,369
• B)£22,808
• C)£52,738
• D)£21,095

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Definitions:

Correlation Coefficient

A numerical measure that indicates the extent to which two variables fluctuate together, signifying the strength and direction of their relationship.

Standard Deviation

A statistical measure of the dispersion or variability within a set of data, indicating how spread out the numbers are from the mean.

Validity

The degree to which a tool, test, or study accurately measures or reflects what it is intended to measure.

Emotional Intelligence

The ability to recognize, understand, manage, and use one’s own emotions and those of others in positive ways.