Use the Following Information for the Next 2 Questions

question 33

Multiple Choice

Use the following information for the next 2 questions.
Assume there were 6,000 units in beginning work in process, 60% complete. 20,000 units were completed during the month. Ending work in process is 40% complete, which is equivalent to 3,200 units for conversion costs. Materials are added at the beginning of the process. The standard cost method is used.
-Assume the total conversion costs allocated to the completed units was $91,650. What amount of conversion costs are attached to the beginning work in process at the beginning of the month?

• A) $1,850
• B) $2,550
• C) $4,400 d None of the above

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Definitions:

Expected Payoff

The predicted return of an investment, calculated by aggregating the potential outcomes weighted by their probabilities.

Opportunity Loss Table

A tabular representation that shows the potential losses for various decisions under different states of nature.

Payoff Table

A decision-making tool used in statistics and economics to display potential outcomes and their respective rewards or payoffs.

Electric Company

A business entity that generates, transmits, and/or distributes electricity to consumers and businesses.