Pick the Best Choice by Estimating

question 226

Multiple Choice

Pick the best choice by estimating. Do not measure. For metric measurements, do not attempt to convert to the U.S. system. The hardest part of the transition to the metric system is the transition to thinking in metrics. The length of a 100-yard football field is

• A) less than 101 m
• B) 101 m
• C) more than 101 m

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Definitions:

Weighted Average Method

An inventory costing method that averages out the cost of goods available for sale, weighting the cost based on quantities.

Equivalent Units

Equivalent units are a concept in cost accounting used to represent the amount of work done on incomplete units, expressed in terms of fully completed units.

Work in Process Inventory

Goods that are in the production process but are not yet completed.

Direct Materials

Materials in their unprocessed or natural state that can be directly linked and assigned to the end product during the production phase.