A Process with No Beginning Work in Process, Completed and Transferred

question 21

Multiple Choice

A process with no beginning Work in Process, completed and transferred out 12,000 units during a period and had 1,000 units in the ending Work in Process that were 30% complete.Materials are added at the beginning of the process and conversion costs are added equally throughout the process.How much is the equivalent units of production for the period for conversion costs if the weighted-average method is used?

• A)13,000 equivalent units
• B)11,000 equivalent units
• C)12,000 equivalent units
• D)12,300 equivalent units

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Definitions:

Cash Collected

The total amount of money received by a company during a specific period, often through sales or services rendered.

Accrual Basis

An accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash transactions occur.

Accounting Principles

The standardized guidelines and rules followed by accountants to record, report, and summarize financial transactions, ensuring consistency and transparency.

Income Statement

A financial report that calculates a company's performance over a specific period, summarizing revenue, expenses, and profits.