QUESTION 28

1. (27) For a given process/department, if there is no beginning work-in-process. In this situation, both the weighted-average and first-in first out (FIFO) methods result in the same amount for:

   I. Equivalent units of production (for each of materials and conversion)

   II. Cost per equivalent unit (for each of materials and conversion)

   III. Cost of completed units

   IV. Cost of ending work-in-process

   	A.	I and II
   	B.	I, II, and III
   	C.	I only.
   	D.	I, II, III, and IV

3 points

QUESTION 29

1. (28) Under which of the following conditions will the FIFO method produce the same cost of units completed as the weighted-average method?

   	A.	There is no overhead cost incurred.
   	B.	There is no ending inventory.
   	C.	The beginning and ending work in process inventories are both 50% complete.
   	D.	The beginning and ending work in process inventories are equal in cost.