Miramar, Inc

question 56

Multiple Choice

Miramar, Inc. uses a weighted-average process costing system which recognizes normal spoilage as 5% of good output. During the current period, 14,000 units were started and 10,000 units completed. Materials are added at the beginning of the process, conversion costs occur uniformly, and the inspection point is at the 70% point. Beginning work in process was 6,000 units, 40% complete, and ending work in process 9,000 units, 80% complete. The cost per equivalent unit for material was $1.00 and for conversion costs $3.00.
The cost of goods completed was:

• A) $42,945
• B) $40,000
• C) $40,816
• D) $41,053

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Definitions:

Melatonin

A substance created by the pineal gland responsible for controlling sleep and wakefulness cycles.

Islets of Langerhans

Clusters of pancreatic cells that produce hormones, including insulin, critical for regulating blood sugar levels.

Glucagon

Glucagon is a hormone produced by the pancreas that increases blood glucose levels by stimulating the liver to convert stored glycogen into glucose.

Insulin

An agent generated in the pancreas that manages the concentration of glucose in the bloodstream by aiding the absorption of glucose by the body's tissues.