1: The Finishing Department had 7,000 incomplete units in its beginning Work-in-Process Inventory which were 100% complete
Question:
1: The Finishing Department had 7,000 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 21,000 units were received from the previous department. The ending Work-in-Process Inventory consisted of 2,750 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing.
How many units were transferred-out during the period?
a) 25,250 units.
b) 18,250 units.
c) 28,000 units.
d) 16,750 units.
2:
The Finishing Department had 15,000 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 45,000 units were received from the previous department. The ending Work-in-Process Inventory consisted of 5,850 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing.
How many units were started and completed during the period?
a) 60,000 units.
b) 35,850 units.
c) 54,150 units.
d) 39,150 units.
3:
The Finishing Department had 14,000 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 42,000 units were received from the previous department. The ending Work-in-Process Inventory consisted of 5,500 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing.
What are the equivalent units of production for materials during the period?
a) 36,500 units.
b) 42,000 units.
c) 39,250 units.
d) 33,500 units.
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain