Use this information about Penny, Inc. to answer the question that follow. Penny, Inc. employs a...

Use this information about Penny, Inc. to answer the question that follow. Penny, Inc. employs a process costing system. 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 Using the FIFO method and rounding cost per unit to the nearest whole dollar, the cost of goods completed and transferred out during July was

a.$227,270

b.$236,905

c.$228,200

d.$225,060

Expert Solution

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

ekkarill92 answered 2 years ago

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