Mannarelli Corporation uses the FIFO method in its process costing system. Opera
ID: 2350329 • Letter: M
Question
Mannarelli Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below:Units.........%complete with respect to conversion
Beginning work in process inventory 15,000........ 20%
Transferred in from the prior department during september 89,000
Ending work in process inventory 24,000...... 90%
According to the company's records, the conversion cost in beginning work in process inventory was $15,660 at the beginning of September. Additional conversion costs of $526,524 were incurred in the department during the month.
The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places.)
PLEASE EXPLAIN!!!!!!
a.$5.916
b.$5.340
c.$5.220
d. $5.213
Explanation / Answer
5.340 is correct. I got my quiz question wrong thanks to the two answers above. Also my quiz gives me the correct answers after so this is correct.