Penny Inc. uses process costing. All direct materials are added at the beginning of the process. Information
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Question:
Penny Inc. uses process costing. All direct materials are added at the beginning of the process. Information about Julys activities is as follows:
On July :
Line Item Description Value
Beginning inventories units, complete
Direct materials cost $
Conversion costs $
During July:
Line Item Description Value
Number of units started
Direct materials added $
Conversion costs added $
On July :
Ending inventories units, complete
Using the FIFO method and rounding cost per unit to four decimal places, the cost of goods completed and transferred out during July was
Related Book For
Cost Management Measuring Monitoring and Motivating Performance
ISBN: 978-0470769423
2nd edition
Authors: Leslie G. Eldenburg, Susan K. Wolcott
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