Jones Co. uses weighted average method for process costing to account for the costs of producing their product. During March, Jones had no beginning WIP units or costs and started 5,000 units into production. Of these, 500 were still in process at 3/31, 60 % complete for conversion. Materials are added at the beginning of the process, and conversion is added evenly. March costs for materials was $10,000, and $19,200 for conversion costs.

19) Jones uses a process costing system because A) They make a high volume of similar units B) They make a very low volume of different units C) They like to calculate equivalent units D) They like to divide and multiply a lot 20) The weighted average method of process costing A) Has only transfer and ending groups B) Has fewer steps than the First In, First Out method C) Will add the beginning WIP costs when obtaining the current period unit costs D) All of the above |