SOLUTION: ACCT 214 SVSU Managerial Accounting Process Costing FIFO Assumptions Worksheet

Kindly see attached file ;). Quiz (20 points)Name_________________________MANAGERIAL ACCOUNTINGSVSUWinter 2021Process Costing – FIFO AssumptionsThe Stones Company had unfinished units in both of its manufacturing operations. Productionand cost data for the prior month is provided for Department A below:Department ABeginning unitsPercentage completion:Direct materialDirect labor and overheadBeginning CostsBeginning of MonthEnd of Month20,00015,000100%75%100%60%$ 180,000Inputs for Month — Department AUnits introduced75,000 (units)Cost introduced:Direct materialDirect labor and overhead$ 510,000$ 177,600Production and cost data for Department B is provided below:Department BBeginning unitsPercentage completion:Direct materialDirect labor / overheadBeginning costsBeginning of MonthEnd of Month8,00010,000100%25%100%30%$112,000Inputs for Month–Department BUnits introduced?Cost introduced:Transferred-in?Direct material$ 96,000Direct labor & overhead$197,500ANSWER SHEETManagerial Accounting – 214SVSUName…

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