Question: The following pertains to the Cereal Division of McKenzie Corporation

The following pertains to the Cereal Division of McKenzie Corporation. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 50 percent complete as to ending work-in-process inventory. Information about conversion costs for July is as follows:


The Cereal Division uses FIFO.

Required
a. What was the conversion cost of work-in-process inventory in the Cereal Division at July 31?
b. What were the conversion costs per equivalent unit produced last period and this period, respectively?
(CPAadapted)
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  • CreatedDecember 18, 2013
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