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What total amount of cost should be assigned to the units completed and transferred out during February

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Kittana Corporation uses a FIFO process costing system. The following information relates to the Cutting Department of Kittana Corporation for the month of February;Number % complete % complete;of units materials conversion cost;Work in process, February 1 18,000 100% 10%;Work in process, February 28 7,000 100% 40%;Kittana started 160,000 units into production during February. On February 1, the work in process inventory account contained $55,620 of material cost and $12,312 of conversion cost. Cost per equivalent unit of production for February was $3.10 for materials and $7.50 for conversion costs.;What total amount of cost should be assigned to the units completed and transferred out during February?;What total amount of cost should be assigned to the units in work in process on February 28?

 

Paper#20887 | Written in 18-Jul-2015

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