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Department G had 3,600 units, 25% completed at the beginning of the period, 15,000 units were completed during the period, 3,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period:
Work in process, beginning of period $40,000Costs added during period: Direct materials (10,400 at $8) 83,200Direct labor 63,000Factory overhead 25,000
Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)?
a. $16,163
b. $21,432
c. $35,670
d. $20,925
If the entity is an S corporation and the transaction qualifies under § 351, the S corporation's basis for the property and the shareholder's basis for the stock are:
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Finch's taxable income for the current year is $100,000, and it distributes $200,000 to each shareholder. Betty's stock basis at the end of the year is:
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