Tarten Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $7,470 at the beginning of March.The cost per equivalent unit for conversion costs for March was $8.20. How much conversion cost would be assigned to the units completed and transferred out of the department during March?
A)$525,530
B)$592,040
C)$533,090
D)$533,000

Question

Tarten Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below:  According to the company's records,the conversion cost in beginning work in process inventory was $7,470 at the beginning of March.The cost per equivalent unit for conversion costs for March was $8.20. How much conversion cost would be assigned to the units completed and transferred out of the department during March?
A)$525,530 
B)$592,040 
C)$533,090 
D)$533,000

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units started into production during the period - Units in ending work in process inventory = 57,000 - 1,000 = 56,000
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Tarten Corporation Uses the FIFO Method in Its Process Costing