Wilmington Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals.
The balance in the account Work in Process—Filling was as follows on December 1, 2012:
| Work in Process—Filling Department | ||
| (2,500 units, 70% completed): | ||
| Direct materials (2,500 x $18.50) | $46,250 | |
| Conversion (2,500 x 70% x $12.10) | 21,175 | |
| $67,425 | ||
The following costs were charged to Work in Process—Filling during December:
| Direct materials transferred from Reaction | ||
| Department: 32,300 units at $18.30 a unit | $591,090 | |
| Direct labor | 191,510 | |
| Factory overhead | 184,009 | |
During December, 32,000 units of specialty chemicals were completed. Work in Process—Filling Department on December 31 was 2,800 units, 10% completed.
Instructions: 1. Prepare a cost of production report for the Filling Department for December. If an amount is zero, enter “0”. If required, round your cost per equivalent unit answers to two decimal places.
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D) Both statements are false. 18. Banks can A) create money, but not destroy money. B) destroy money, but not create money. C) create and destroy money. D) neither create nor destroy money. 19. The Federal Open Market Committee is made up of all of the following, except A) the board of governors. B) the chairman of the board of governors. C) the president of the United States. D) the president of the Federal Reserve Bank of New York. E) the presidents of four Federal Reserve Banks other than the New York Bank. 20. The Federal Reserve System A) has regional Federal Reserve Banks that make most of the decisions. B) makes decisions subject to the approval of the President. C) makes its major policy decisions in its Open Market Committee. D) makes decisions subject to the approval of Congress. 21. With economic development comes each of the following, except A) a decline in the birth rate. B) an increase in the stock of capital. C) rising per capita GDP D) a declining wage rate. 22. 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