The Round Table Company Makes Carpenter's Squares and Uses a Process

question 98

Short Answer

The Round Table Company makes carpenter's squares and uses a process costing system. There is no spoilage. Manufacturing goes through three departments: Forming, Finishing, and Packing. Unit data for these departments are given below: $\begin{array}{lrrr}&\text { Forming } & \text { Finishing } & \text { Packing }\\\text { Beginning inventory units } & & & \\(80 \% \text { complete) } & 1,000 & 2,000 & 3,000 \\\text { Units started } & 8,000 & ? & ? \\\text { Ending inventory units } & & & \\(20 \% \text { complete) } & 3,000 & 4,000 & 1,000\end{array}$

The Finishing Department adds materials at the point where processing is 50 percent complete. The equivalent units for materi al s in the Finishing Department is
$\begin{array}{cr}\text { Weighted Average } & \text { FIFO } \\\text { a. } 4,000 & 2,000 \\\text { b. } 4,800 & 3,200 \\\text { c. } 6,000 & 3,000 \\\text { d. } 8,000 & 8,000\end{array}$
E)none of the above

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Definitions:

Singer Sewing Machines

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Kodak

A technology company historically known for its significant contributions to photography and imaging industries through the development of photographic films and cameras.

Industrial Capitalism

Economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.

Commercial Capitalism

An economic system where trade, goods, and capital are privately controlled and operated for profit, characterized by the emergence of market economies and merchant classes.