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 ending work in process inventory in the first processing department according to the company's cost system is closest to:
A)$26,369
B)$22,808
C)$52,738
D)$21,095

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 ending work in process inventory in the first processing department according to the company's cost system is closest to:
A)$26,369 
B)$22,808 
C)$52,738 
D)$21,095

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
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 11eaa3fe_30ea_184b_908b_f310f8025343_TB2461_00 
 11eaa3fe_30ea_3f5c_908b_5de3bd805a9d_TB2461_00

Muzyka Corporation Uses the FIFO Method in Its Process Costing