8/ A company uses the weighted average method for inventory costing. At the beginning of a period the production department had 34,000 units in beginning Work in Process inventory which were 47% complete; the department completed and transferred 172,000 units. At the end of the period, 29,000 units were in the ending Work in Process inventory and are 82% complete. Compute the number of equivalent units produced by the department.

Multiple Choice

201,000.

195,780.

188,480.

172,000.

138,000.

9/ A company uses the weighted-average method for inventory costing. At the end of the period, 30,000 units were in the ending Work in Process inventory and are 100% complete for materials and 83% complete for conversion. The equivalent costs per unit are materials, $2.73, and conversion $2.21. Compute the cost that would be assigned to the ending Work in Process inventory for the period.

Multiple Choice

$136,929.

$244,500.

$134,408.

$216,858.

$202,935.

10/ Luker Corporation uses a process costing system. The company had $164,500 of beginning Finished Goods Inventory on October 1. It transferred in $841,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $162,200. The entry to account for the cost of goods manufactured during October is:

Multiple Choice

Debit Cost of Goods Sold $841,000; credit Finished Goods Inventory $841,000.

Debit Cost of Goods Sold $843,300; credit Work in Process Inventory $843,300.

Debit Finished Goods Inventory $841,000; credit Work in Process Inventory $841,000.

Debit Finished Goods Inventory $162,200; credit Cost of Goods Sold $162,200.

Debit Cost of Goods Sold $843,300; credit Finished Goods Inventory $843,300.