Ozogoz 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 per equivalent unit for materials for the month in the first processing department is closest to:
A)$18.67
B)$20.94
C)$19.40
D)$17.14

Question

Ozogoz 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 per equivalent unit for materials for the month in the first processing department is closest to:
A)$18.67 
B)$20.94 
C)$19.40 
D)$17.14

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units completed during the period - Units in beginning work in process inventory = 9,100 - 500 = 8,600
 11eaa3fe_30e1_dacd_908b_131bc436c0a5_TB2461_00 
 11eaa3fe_30e1_dace_908b_c75b4a8192b2_TB2461_00

Ozogoz Corporation Uses the FIFO Method in Its Process Costing