30. Process costing techniques should be used in assigning costs to products a. when production is customized to individual customer's requests b. if the products are manufactured on the basis of each order received. c. when production is only partially completed during the accounting period. d. if the products are composed of mass-produced, homogeneous units
30.
a. when production is customized to individual customer's requests
b. if the products are manufactured on the basis of each order received.
c. when production is only partially completed during the accounting period.
d. if the products are composed of mass-produced, homogeneous units.
31. D Company uses the FIFO method of process costing. The beginning work-in-process inventory consisted of $6,400 of materials cost and $9,600 of conversion cost. Current month costs were $31,740 for materials and $51,100 for conversion. Equivalent Units have already been calculated for you under the FIFO method and were 69,000 equivalent units for materials and 70,000 equivalent units for conversion. Ending inventory of 5,000 units were 100% completed as to materials and 40% completed as to conversion. The cost assigned to ending work-in-process inventory would be _____.
a. $3,760
b. $3,200
c. none of the other answers
d. $5,120
e. $7,040
32. The computation of equivalent units is exactly the same under the FIFO Costing method and the weighted average costing method when there is no
a. beginning work-in-process inventory
b. ending work-in-process inventory
c. beginning finished goods inventory
d. ending finished goods inventory
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