Richards Corporation Uses the FIFO Method of Process Costing

question 80

Multiple Choice

Richards Corporation uses the FIFO method of process costing.The following information is available for October in its Fabricating Department: Units:
Beginning Inventory: 80,000 units,60% complete as to materials and 20% complete as to conversion.
Units started and completed: 250,000.
Units completed and transferred out: 330,000.
Ending Inventory: 30,000 units,40% complete as to materials and 10% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials: $37,200.
Costs in beginning Work in Process - Conversion: $79,700.
Costs incurred in October - Direct Materials: $646,800.
Costs incurred in October - Conversion: $919,300.

-Calculate the equivalent units of materials.

• A)250,000
• B)317,000
• C)294,000
• D)333,000
• E)342,000

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Definitions:

Electrons

Negatively charged subatomic particles that orbit the nucleus of an atom, involved in electrical conduction and chemical bonding.

Buffer

A solution or compound that stabilizes the pH of a solution by adding or removing hydrogen ions.

Acidic

Characterized by a low pH, indicating a higher concentration of hydrogen ions, often associated with substances like lemon juice or vinegar.

Basic

Characteristic of substances with a pH greater than 7, often capable of neutralizing acids to form water and salts.