Raphael's Refining Uses a FIFO Process Costing System

question 61

Multiple Choice

Raphael's Refining uses a FIFO process costing system.For a particular period,its opening inventory consisted of 100 items (60 per cent complete as to conversion costs) whose costs were $1600 made up of material $300 and conversion cost $1300.During the month,1000 items were started and 950 were completed.Ending inventory of WIP was complete.There was no spoilage.Costs placed in process during the month were materials $1785 and conversion costs $13 865.Materials are added at the halfway point.What is the amount of cost that would be allocated to goods completed in the period?

• A) $16 513
• B) $16 900
• C) $16 150
• D) $14 913

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Definitions:

Coefficient of Variation

A standardized measure of dispersion of a probability distribution or frequency distribution, expressed as a percentage of the mean.

Ether

A class of organic compounds characterized by an oxygen atom connected to two alkyl or aryl groups; they are often used as solvents.

Molecule

The smallest particle of a chemical element or compound that has the chemical properties of that element or compound.

1,2-dibromoethene

A halogenated alkene with the formula C2H2Br2, characterized by having two bromine atoms attached to adjacent carbon atoms in the ethene molecule.