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Question
Use this information about Penny, Inc. to answer the questions that follow.
Penny, Inc., employs a process cost system and uses the FIFO cost flow method. Direct materials are added at the beginning of the process. Here is information about the July activities:
On July 1:
Beginning inventories 850 units, 60% complete
Direct materials cost $5,000
Conversion costs $4,000
During July:
Number of units started 15,000
Direct materials added $155,000
Conversion costs added $83,520
On July 31:
Ending inventories 1,600 units, 40% complete
The number of units started and completed in July was
a. 14,250
b. 15,000
c. 13,400
d. 15,740
Answer
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