Leeds Electronics Uses the FIFO Method in Its Process Costing

question 63

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 per equivalent unit for materials for the month in the first processing department is closest to:

• A)£23.14
• B)£18.91
• C)£21.42
• D)£22.06

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Definitions:

Completion Report

a document that summarizes the outcomes and status of a project or task at its conclusion.

Common Deliverable

A shared or mutual task, result, or output that is produced or provided by individuals or groups in a collaborative effort.

Recommendation Report

A document that evaluates alternatives and suggests the best course of action to address a specific issue, challenge, or opportunity.

Proposal Memo

A document summarizing a proposal, outlining its key points, objectives, and benefits, typically addressed to decision-makers.