Grant Corporation the Following Information Is Available for Grant Corporation for the for the Current
Multiple Choice
Grant Corporation
The following information is available for Grant Corporation for the current month:
| Normal spoilage (discrete) | 1,100 units | |
| Abnormal spoilage | 900 units | |
| Ending WIP | (70% complete) | 13,000 units |
| Transferred out | 72,500 units | |
| Beginning Work in Process Costs: | ||
| Material | $10,400 | |
| Conversion | 13,800 | |
| Current Costs: | ||
| Material | $120,000 | |
| Conversion | 350,000 |
All materials are added at the start of production and the inspection point is at the end of the process.
Refer to Grant Corporation.What is the cost assigned to ending inventory using FIFO?
A) $75,920
B) $58,994
C) $56,420
D) $53,144
Correct Answer:
Verified
Correct Answer:
Verified
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