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How many units were completed in Corn Corporation’s second department during

How many units were completed in Corn Corporation’s second department during April?

a.19,000

b.37,000

c.48,000

d.55,000

 

 

 

32.Refer to Corn Corporation. How many units were started and completed in Corn Corporation’s second department during April?

a.29,000

b.37,000

c.48,000

d.55,000

 

 

 

33.Which of the following are included in conversion costs?

a.direct labour and manufacturing overhead

b.direct materials and administrative costs

c.direct materials and manufacturing overhead

d.direct labour and administrative costs

 

 

 

34.Which two methods determine the equivalent units of production in process costing?

a.weighted average and FIFO

b.FIFO and LIFO

c.exact costing and LIFO

d.weighted average and exact costing

 

 

 

35.What does equivalent production use to express all activity of the period?

a.work in process

b.materials labour and overhead

c.fully completed units

d.partially completed units

 

 

 

36.Which statement best defines the concept of equivalent units of production?

a.Equivalent units are the measure of a period's output.

b.Equivalent units are the units completed in a department.

c.Equivalent units are the total of the units produced by all departments.

d.Equivalent units are the number of units completed at the end of the last process.

 

 

 

37.Which of the following methods can be used to account for the costs and work of beginning work in process?

a.weighted average method and LIFO

b.FIFO method and sequential processing method

c.sequential processing method and LIFO

d.weighted average method and FIFO method

 

 

 

38.Which of the following methods considers the percentage of completion of ending work-in-process?

a.FIFO and LIFO

b.LIFO and CVP

c.weighted average and CVP

d.weighted average and FIFO

 

 

 

39.Which two methods are used to determine equivalent units of production in process costing?

a.weighted average and FIFO

b.FIFO and LIFO

c.exact costing and LIFO

d.weighted average and exact costing

 

 

 

Units

Beginning work in process (50% complete)2,000

Units started during May8,000

Units completed and transferred7,000

Ending work in process (80% complete)2,500

 

What are Schroeder’s equivalent units for May when using the weighted average method?

a.7,000

b.9,000

c.10,000

d.19,500

Mar 13 2020 View more View Less

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