THE FOLLOWING INFORMATION APPLIES To the next 3 QUESTIONS The Rest-a-Lot chair company manufacturers a...
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THE FOLLOWING INFORMATION APPLIES To the next 3 QUESTIONS The Rest-a-Lot chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 80,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. The FIFO method is used. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. Beginning inventory: Direct materials Conversion costs $24,000 $35,000 Manufacturing costs added during the accounting period: Direct materials $168,000 Conversion costs $278,000 21. What is the cost of the goods transferred out during February? a. $417,750 $456,015 $476,750 d. $505,000 b. c
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