19. Weight average costing method and first in first out costing method give the same results...
19. Weight average costing method and first in first out costing method give the same results (Assigning costs to finished goods and transferred out).
a. If they have the same added units
b. If there are not beginning inventories.
c. If there are not ending inventories.
d. If there are not units transferred out.
20. Sunk costs are past costs.
True or False
21. An opportunity cost is the benefit sacrificed in favoring one alternative over another.
True or False
Homework Answers
| 19 |
| Weighted average costing method and first in first out costing method give the same results If there are not beginning inventories. |
| The difference between weighted average and FIFO method only relates to treatment of beginning inventories. |
| When there are no beginning inventories both methods will yield same results. |
| Option B is correct |
| 20 |
| True, Sunk costs are past costs that have already been incurred and are not relevant in decision making. |
| 21 |
| True,An opportunity cost is the benefit sacrificed in favoring one alternative over another. |
| An opportunity cost is the cost of next best alternative. It is the benefit foregone is choosing one alternative over another. |
Add Answer to:
19. Weight average costing method and first in first out costing
method give the same results...
Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the...
Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added...
Ozdemir Corporation uses the first-In, first-out method in its process costing system. Data concerning the first...
Ozdemir Corporation uses the first-In, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during...
Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the...
Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added...
Intask Corporation uses the first-in, first-out method in its process costing system. Beginning inventory in the...
Intask Corporation uses the first-in, first-out method in its process costing system. Beginning inventory in the mixing department consisted of 7,300 units that were 75% complete with respect to conversion costs. Ending work in process inventory consisted of 6,300 units that were 60% complete with respect to conversion costs. If 14,600 units were transferred to the next processing department during the period, the equivalent units of production for conversion cost would be: Multiple Choice 15,425 units 12,905 units 16,425 units...
1. Which of the following is true of the first-in, first-out costing method? a. It categorizes al...
1. Which of the following is true of the first-in, first-out costing method? a. It categorizes all units of inventory as units started and completed during the current period. b. It recognizes that the work and costs carried over from the prior period belong to that period. c. It includes the equivalent units and manufacturing costs in beginning work in process in the current period unit cost calculation. d. It includes only direct materials cost in the unit cost of...
Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company manufactures a product...
Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity...
Kurtulus Corporation uses the weighted average method in its process costing system. Data concerning the first...
Kurtulus Corporation uses the weighted average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during...
HATSUIT CUPULUTUS te wees-average method in its process costing system. Data concerning the first processing department...
HATSUIT CUPULUTUS te wees-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. Materials costs Conversion costs..... Percent complete with respect to materials.... Percent complete with respect to conversion Units started into production during the month.. Units transferred to the next department during the month ...................... Materials costs added during the month. Conversion costs added during the...
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Inacio Corporation uses the
weighted-average method in its process costing system. Data
concerning the first processing department for the most recent
month are listed below: Beginning work in process inventory: Units
in beginning work in process inventory 2,500 Materials costs $
14,600 Conversion costs $ 6,700 Percent complete with respect to
materials 75 % Percent complete with respect to conversion 20 %
Units started into production during the month 11,200 Units
transferred to the next department during the month 10,100...
rtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
rtulus Corporation uses the weighted-average method in its
process costing system. Data concerning the first processing
department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory
1,000
Materials costs
$
7,400
Conversion costs
$
2,700
Percent complete with respect to materials
55
%
Percent complete with respect to conversion
25
%
Units started into production during the month
6,900
Units transferred to the next department during the month
6,100...
Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added...
Ozdemir Corporation uses the first-In, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during...
Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added...
Kurtulus Corporation uses the weighted average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during...
HATSUIT CUPULUTUS te wees-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. Materials costs Conversion costs..... Percent complete with respect to materials.... Percent complete with respect to conversion Units started into production during the month.. Units transferred to the next department during the month ...................... Materials costs added during the month. Conversion costs added during the...
Inacio Corporation uses the
weighted-average method in its process costing system. Data
concerning the first processing department for the most recent
month are listed below: Beginning work in process inventory: Units
in beginning work in process inventory 2,500 Materials costs $
14,600 Conversion costs $ 6,700 Percent complete with respect to
materials 75 % Percent complete with respect to conversion 20 %
Units started into production during the month 11,200 Units
transferred to the next department during the month 10,100...
rtulus Corporation uses the weighted-average method in its
process costing system. Data concerning the first processing
department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory
1,000
Materials costs
$
7,400
Conversion costs
$
2,700
Percent complete with respect to materials
55
%
Percent complete with respect to conversion
25
%
Units started into production during the month
6,900
Units transferred to the next department during the month
6,100...
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