Thames Company uses the FIFO method in its process costing system. The following
ID: 2344490 • Letter: T
Question
Thames Company uses the FIFO method in its process costing system. The following information was obtained from the accounting records of the Finishing Department during November:Conversion Costs
Work in process, 11/1
50,000
conversion cost: 20%
Transferred-in during November
150,000
Work in process, 11/30
30,000
conversion cost: 60%
November Costs:
Beginning Inventory
transferred in: $100,000
Materials:$75,000
Conversion: $15,000
Costs added in November
Transferred in: $300,000
Materials: $337,500
Conversion: $560,700
All materials are added at the beginning of the manufacturing process. The Transferred-in Cost per unit is:
$1.50
$2.67
$1.00
$2.00
Explanation / Answer
$2.67
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.