An Error Was Made in the Computation of the Stage

question 26

Short Answer

An error was made in the computation of the stage of completion of the current year's ending work in process inventory. The error resulted in assigning a lower stage of completion to each component of the inventory than actually was the case. What is the resultant effect of this error upon: (1)
The computation of equivalent units in total?
(2)
The computation of costs per equivalent unit?
(3)
Costs assigned to cost of goods completed for the period?

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Definitions:

Frequency

Refers to the rate at which a repeating event occurs, such as the number of occurrences of a particular event within a set period of time.

Musical Note

A symbol representing a musical sound with a specific pitch and duration.

Olfactory Bulb

A brain structure above the olfactory epithelium in the nasal cavity; from this structure, the olfactory nerve carries information about smell to the brain.

Odorants

Odorants are chemicals that are capable of eliciting a physiological response that is detected by the sense of smell.