TryFit CoUses Process Costing to Account for the Production of Energy

question 122

Multiple Choice

TryFit Co.uses process costing to account for the production of energy food bars.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Beginning inventory consisted of $7,000 in materials and $4,000 in conversion costs.April costs were $36,000 for materials and $40,000 for conversion costs.During April 8,000 units were completed.Ending work in process inventory was 4,000 units (100% complete for materials,50% for conversion) .The value of ending inventory using the weighted average method would be closest to:

• A)$15,966.60
• B)$23,133.20
• C)$31,933.20
• D)$65,000.00

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Definitions:

Brainstorming

A collaborative idea-generating activity aimed at finding a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.

Nominal Group Technique

Nominal Group Technique is a structured method for group brainstorming that encourages contributions from all participants, often used in decision-making.

PDCA

"Plan-Do-Check-Act," a four-step management method used in business for the control and continuous improvement of processes and products.

Cyclical Process

A process that repeats in a series of cycles, where the end of one cycle is the beginning of the next, common in natural and economic systems.