Qart Corporation Uses the FIFO Method in Its Process Costing

question 47

Multiple Choice

Qart Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $1,656 at the beginning of March.Additional conversion costs of $129,960 were incurred in the department during the month. The cost per equivalent unit for conversion costs for March is closest to:

• A)$1.710
• B)$1.677
• C)$1.756
• D)$1.840

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Definitions:

Mean

The average value of a set of numbers, computed by dividing the sum of these numbers by the count of numbers in the set.

Median

The middle value in a list of numbers, which separates the higher half from the lower half of the dataset.

Normally Distributed

Describes a data set where most values cluster around a central mean value, forming a symmetric, bell-shaped distribution curve.

Standard Deviation

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