Refer to Fox Corporation. How many units were transferred out in August? A) 21,5

Question

Refer to Fox Corporation. How many units were transferred out in August?

A) 21,500
B) 15,500

C) 18,000
D) 24,000

Wyman Corporation

Wyman Corporation. has the following information for May:

Refer to Wyman Corporation. Assume that FIFO process costing is used. What is the cost per equivalent unit for conversion?

A) 6.40
B) 4.25
C) 3.05
D) 3.87

Fox Corporation

Fox Corporation. has the following information for August:
Beginning Work in Process Inventory (70% complete as to conversion) 6,000 units Started 24,000 units Ending Work in Process Inventory (10% complete as to conversion) 8,500 units Beginning WIP Inventory Costs: Material $23,400 Conversion 50,607 Current Period Costs: Material $31,500 Conversion 76,956
All material is added at the start of the process and all finished products are transferred out.

Refer to Fox Corporation. How many units were transferred out in August?

A) 21,500
B) 15,500

C) 18,000
D) 24,000

Wyman Corporation

Wyman Corporation. has the following information for May:

Beginning Work in Process Inventory (75% complete as to conversion) 7,500 units Started 27,000 units Ending Work in Process Inventory (15% complete as to conversion) 9,400 units Beginning WIP Inventory Costs: Material $25,500 Conversion 52,725 Current Period Costs: Material $34,300 Conversion 80,845
All material is added at the start of the process and all finished products are transferred out.

Explanation / Answer

Units transferred out in August

A) 21,500

Opening WIP + Introduce in Current year - closing WIP

=7500+27000-8500

=21500

The cost per equivalent unit for conversion

D) 3.87

Total conversion cost = 52725+80845 = 133570

Units as per FIFO = 7500+27000 = 34500

Equivalent cost = 133570/34500 = 3.87

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