Peace Products Inc -If Peace Uses the First-In,first-Out (FIFO)method of Computing Equivalent Units

Peace Products Inc.
Peace Products Inc. uses process costing. The following information was available for the current year:
$\begin{array}{lrr}&\text { Number }&\text { Production }\\& \underline{\text { of units }}& \underline{\text { Costs }}\\\text { Beginning work-in-process ( } 20 \% \text { complete) } & 1000 & \$ 5850 \\\text { Current period production } & 40000 & 604500 \\\text { Ending work-in-process ( } 70 \% \text { complete) } & 6000 &\end{array}$

-If Peace uses the first-in,first-out (FIFO) method of computing equivalent units and assigning product costs,what is the cost of goods manufactured for the year?

A) $517 350
B) $539 400
C) $544 620
D) $545 250

Correct Answer:

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