In May, one of the processing departments at Lukman Corporation had beginning work in process inventory of $11,000. During the month, $120,000 of costs were added to production and the cost of units transferred out from the department was $94,000. The company uses the FIFO method in its process costing system.
-In the department's cost reconciliation report for May,the cost of ending work in process inventory would be:
A)$15,000
B)$63,000
C)$37,000
D)$26,000

Question

Quizplus · Accepted Answer

FIFO method
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In May, One of the Processing Departments at Lukman Corporation