Question: needing help with these two questions please help. Exam 1 (Chapters 1 through 5) Saved Help Save & Exit Submit Assume a company uses the
needing help with these two questions please help.


Exam 1 (Chapters 1 through 5) Saved Help Save & Exit Submit Assume a company uses the weight-average method in its process costing. Its Work in Process T-account for the Refining Department for August is: 34 Work in Process: Refining Department August 1 balance 62,006 Completed and transferred to Finished Goods Materials 495, 000 Direct labor 72,090 Overhead 181, 000 August 31 balance The August 1 work in process inventory consisted of 6,000 units with $40,000 in materials cost and $22,000 in conversion cost. The August 1 work in process inventory was 100% complete with respect to materials and 40% complete with respect to conversion. During August 48,000 units were started into production. The August 31 work in process inventory consisted of 8,000 units that were 100% with respect to materials and 60% complete with respect to conversion. What is the equivalent units of production for conversion? Multiple Choice O 52,800 units O 50,800 units O 56,800 unitsExam 1 (Chapters 1 through 5) @ Saved Help Save & Exit Submit 35 Assume the following information: Percent Complete Milling Department Units Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6, 200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15, 000 Costs added during the period 272, 000 385, 090 Total cost $282, 000 $400, 000 Using the FIFO method, the cost per equivalent unit for materials is closest to: Multiple Choice O $45.93. O $43.22
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
