Refer to the Following Information About the Finishing Department in the Davidson

question 144

Essay

Refer to the following information about the Finishing Department in the Davidson Factory for the month of June. Davidson Factory uses the FIFO method of inventory costing.
Beginning Work in Process inventory:
Physical units…………………………………………... 5,000 units
% complete for materials………………………………. 70%
% complete for labor and overhead……………………. 25%
Materials cost from May……………………………….. $7,350
Labor and overhead cost from May……………………. $3,125
Product started and completed:
Physical units…………………………………………… 40,000 units
Ending Work in Process inventory:
Physical units………………………………………….... 4,000 units
% complete for materials………………………………. 40%
% complete for labor and overhead……………………. 10%
Manufacturing costs for June:
Materials………………………………………………… $96,975
Labor and overhead……………………………………... $79,470
Compute the equivalent cost per unit for direct materials, direct labor and overhead for June.

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Definitions:

Clear And Present Danger

A doctrine used to test whether limitations may be placed on First Amendment freedoms of speech, press, or assembly when the exercise of these rights presents an immediate danger.

Affirmative Action

Policies or measures that favor individuals belonging to groups known to have been discriminated against previously, often related to education and employment.

Future Sum

The amount of money or value to be received or paid at a specified date in the future.

Interest Rate

The fee, represented as a fraction of the initial sum, that a creditor levies on a debtor for asset utilization.