Lap Corporation Uses the Weighted-Average Method in Its Process Costing

question 289

Multiple Choice

Lap Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 80,000 units, 100% complete with respect to materials and 25% complete with respect to conversion costs. The total dollar value of this inventory was $226,000. During the month, 150,000 units were transferred out of the department. The costs per equivalent unit for the month were $2.00 for materials and $3.50 for conversion costs. The cost of the units completed and transferred out of the department was:

• A) $681,000
• B) $765,000
• C) $821,000
• D) $825,000

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Definitions:

Time-out

A disciplinary strategy that involves temporarily isolating or removing an individual from a situation or activity as a consequence of undesirable behavior.

Aggression

Behavior aimed at causing harm or pain, whether physically or psychologically, to others.

Punishment

A consequence that decreases the likelihood of a behavior being repeated in the future.

Planned Ignoring

A behavioral management technique involving the deliberate non-acknowledgment of undesirable behaviors to reduce their occurrence.