Muzyka 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. The cost of a completed unit transferred out of the department is closest to:
A)$69.88
B)$75.56
C)$60.71
D)$65.92

Question

Muzyka 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. The cost of a completed unit transferred out of the department is closest to:
A)$69.88 
B)$75.56 
C)$60.71 
D)$65.92

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units completed during the period - Units in beginning work in process inventory = 4,800 - 300 = 4,500
 11eaa3fe_30e8_6a93_908b_0d1960553728_TB2461_00 
 11eaa3fe_30e8_6a94_908b_b563ceb935b9_TB2461_00

Muzyka Corporation Uses the FIFO Method in Its Process Costing