(Appendix 4A) Puri 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 total cost transferred from the first processing department to the next processing department during the month is closest to:
A) $159,900
B) $151,800
C) $174,549
D) $144,539

Question

(Appendix 4A) Puri 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 total cost transferred from the first processing department to the next processing department during the month is closest to:
A) $159,900 
B) $151,800 
C) $174,549 
D) $144,539

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units completed during the period - Units in beginning work in process inventory = 5,100 - 400 = 4,700
 11ea7761_18cd_1db6_81a5_e1d18139f2a5_TB2580_00 11ea7761_18cd_1db7_81a5_73cd82528978_TB2580_00 11ea7761_18cd_1db8_81a5_a132661fb6ab_TB2580_00

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