Fact Pattern: Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining Indust

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Fact Pattern Kimbeth Manufacturing Uses A Process Cost System To Manufacture Dust Density Sensors For The Mining Indust 1 (29.37 KiB) Viewed 11 times

Fact Pattern: Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining Industry. The following information pertains to operations for the month of May. Beginning work-in-process inventory, May 11 Started in production during May Completed production during May Ending work-in-process inventory, May 31 A. 9. 88,800 units Using the FIFO method, Kimbeth's equivalent units of production for conversion costs are 95,200 units OC. 98.400 units Units 16.000 100.000 D. 85,000 units 92,000 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs Costs pertaining to the month of May are as follows Beginning inventory costs are materials, $54,560, direct labor, $20,320; and overhead, $15.240. Costs incurred during May are materials used. $468,000, direct labor, $182,660; and overhead, $391,160.