Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hifiber produces fiber-optic cable and uses the fi

HiFiber produces fiber-optic cable and uses the FIFO method of process costing. Direct materials are...

60.1K

Verified Solution

Question

Accounting

HiFiber produces fiber-optic cable and uses the FIFO method of process costing. Direct materials are all added at the beginning of production and conversion costs are incurred uniformly during production.
In October, HiFiber had 2,000 units in beginning work-in-process that were 10 percent complete with respect to conversion costs. HiFiber completed 86,000 units during October, and there were 10,000 units in ending work-in-process inventory (25 percent complete for conversion costs) at the end of October.
HiFiber reported the following cost information for October production:
Direct Materials Conversion Costs
Beginning WIP costs $ 150,000 $ 10,000
Costs added in the current period $ 8,000,000 $ 4,500,000
Required: a. How many units were started in October?
b. What is the total production cost for a unit produced in October? Note: Do not round
your intermediate calculations. Round your final answer to 2 decimals.
c1. What are the total costs transferred out of production? Note: Do not round your
intermediate calculations. Round your final answer to 2 decimals.
c2. What is the total cost of ending work-in-process inventory? Note: Do not round your
intermediate calculations. Round your final answer to 2 decimals.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

2 An equiconvex lens has a power of 5 dioptre If it is made of...

Physics
Q

Engineers concerned about a tower's stability have done extensive studies of its increasing tilt. Measurements of...

Statistics
Q

A nonscientist friend of yours asks how findings in a wormorfly can be relevant to human...

Biology
Q

What two structures are used in a state machine implementation in LabVIEW? How are they configured?

Electrical Engineering
Q

Directions Consider the following function f a at a 2 Part 1 Difference Quotient If...

Calculus
Q

Current Attempt in Progress The Colin Division of Cullumber Company sells its product for $35...

Accounting
Q

By-product/joint product journal entries Arguillo Inc. is a 14,000 -acre farm that produces two products:...

Accounting
Q

Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital...

Accounting
Q

ance 45000 Di 56o,00o sold equipd with octed rvres

Accounting
Q

Alyeska Services Company, a division of a major oil company, provides various services to the...

Accounting
Q

6. Este ao, Amanda pag $749 en impuestos federales sobre donaciones en una transferencia gratuita...

Accounting
Q

What are the essential differences among working capital loans, open credit lines, asset-based loans, term...

Accounting