Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in...

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Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in June, units were 80% c

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Answer 1

Answer #1

Total cost incurred to complete and ending work in progress units

=$29000+217000

=$246000

Equivalent units for the cost

Opening WIP	20000
Add:
Units started into production	150000
Less: Units completed	130000
Ending WIP	40000

Equivalent ending WIP	10000
(40000*25%)
total equivalent units (130000+10000)	140000

Cost per equivalent unit	$ 1.75
($246000/140000)

Correct Option: FIRST

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Answer 2

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