Which of the Following Is Not a Category Used to Reconcile

question 53

Multiple Choice

Which of the following is not a category used to reconcile the number of physical units using the weighted average method of process costing?

• A)Units started
• B)Ending units in process
• C)Cost of goods sold
• D)Units completed

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Definitions:

Purchases

The acquisition of goods or services in exchange for money, constituting a component of a company’s inventory costs.

LIFO Liquidation

A process that occurs when a company using the Last In, First Out (LIFO) inventory method sells older inventory, which may result in unusual increases in profit due to lower costs of older inventory.

Beginning of the Year

Refers to the starting date of a financial or calendar year, used as a reference point for accounting and financial planning.

Inventory Level

The quantity of goods or materials on hand at any given time within a business.