Reference: 04-06
the Information Below Was Obtained from the Records

question 75

Multiple Choice

Reference: 04-06
The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system. $$\begin{array} { | l | l | l | } \hline & \text { Units } & \begin{array} { l } \text { Labour and Overhead } \\\text { (Percentage Complete) }\end{array} \\\hline \text { Work in process inventory, July 1 } & 20,000 & 40 \% \\\hline \text { Started during the month } & 70,000 & \\\hline \text { Completed during the month } & 80,000 & \\\hline \text { Work in process inventory, July } 31 & ? & 25 \% \\\hline\end{array}$$ All materials are added at the beginning of the manufacturing process.
-The equivalent units of production for material for the month are?

• A)90,000 units.
• B)70,000 units.
• C)80,000 units.
• D)82,500 units.

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Definitions:

Error

An unintentional mistake in financial records or transactions, which can result from miscalculations, misunderstandings, or misinterpretations of financial data.

Transactions

Financial activities that involve the exchange of assets, provision of services, or other business activities that affect a company's financial position.

Debit And Credit

In accounting, debit and credit are entries that record changes in value to accounts, where debits increase asset or expense accounts and decrease liability, equity, and revenue accounts.

Increase And Decrease

General terms referring to the upward or downward movement in value, quantity, or level of something over time.