Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from Current Period Direct materials $2,000 $22,252 Conversion costs 6,200 150,536
At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method.
The cost of completing a unit during the current period was:.
a. $34.88
b. $36.19
c. $35.95
d. $35.89

The following data were taken from the records of clarkson company for the fiscal year ended june 30, 2017. raw materials inventory 7/1/16 $58,100 factory insurance $4,800 raw materials inventory 6/30/17 46,600 factory machinery depreciation 17,100 finished goods inventory 7/1/16 99,700 factory utilities 29,400 finished goods inventory 6/30/17 21,900 office utilities expense 9,350 work in process inventory 7/1/16 21,200 sales revenue 560,500 work in process inventory 6/30/17 29,400 sales discounts 4,700 direct labor 147,550 plant manager’s salary 63,400 indirect labor 25,360 factory property taxes 9,910 accounts receivable 28,000 factory repairs 2,500 raw materials purchases 97,300 cash 39,200 a) prepare a cost of goods manufactured schedule (assume all raw materials used were direct materials). b) prepare an income statement through gross profit c)prepare the current assets section of the balance sheet at june 30, 2014