To Reconcile the Number of Physical Units Using the Weighted

question 42

Multiple Choice

To reconcile the number of physical units using the weighted average method of process costing,one must determine whether the units were:

• A)completed or still in process at the end of the period.
• B)sold or still in inventory at the end of the period.
• C)in the next production process or sold at the end of the period.
• D)using direct materials or conversion costs at the end of the period.

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Definitions:

Replacement Value

The cost to replace an asset or property at its current value, without deduction for depreciation, at the time of loss.

Indemnity

A legal principle involving security or protection against financial liability or loss.

False Statements

Deliberately untrue assertions made by someone, which can sometimes be a legal offence if made in certain contexts.

Incontestability Clause

A provision in an insurance policy that makes the policy non-contestable after it has been in force for a certain period, usually two years, except under certain conditions.