(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.
-The cost of a completed unit transferred out of the department is closest to:
A) $62.36
B) $76.27
C) $66.10
D) $58.23

Question

(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
  Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.
-The cost of a completed unit transferred out of the department is closest to:
A) $62.36 
B) $76.27 
C) $66.10 
D) $58.23

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units completed during the period - Units in beginning work in process inventory = 7,800 - 700 = 7,100
 11ea7761_18cb_6ffa_81a5_67523f6a9bb6_TB2580_00 11ea7761_18cb_970b_81a5_a71f90afe6fb_TB2580_00

(Appendix 4A) Ozdemir Corporation Uses the FIFO Method in Its