Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities: Using the FIFO method and rounding cost per unit to four decimal places, the cost of goods completed and transferred out during July was:
A) $227,270
B) $225,060
C) $236,905
D) $228,200

Question

Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities:  Using the FIFO method and rounding cost per unit to four decimal places, the cost of goods completed and transferred out during July was:
A) $227,270 
B) $225,060 
C) $236,905 
D) $228,200

Quizplus · Accepted Answer

The Answer of Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities:  Using the FIFO method and rounding cost per unit to four decimal places, the cost of goods completed and transferred out during July was:
A) $227,270 
B) $225,060 
C) $236,905 
D) $228,200