Using the Weighted-Average Method of Process Costing,the Total Costs Remaining

question 49

Multiple Choice

Using the weighted-average method of process costing,the total costs remaining in work in process on May 31 are:

• A)$0.
• B)$12,040.
• C)$17,480.
• D)$25,640.
• E)some other amount.

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Definitions:

Fixed Expenses

Costs that do not fluctuate with changes in production level or sales volume, such as rent or salaries.

Unit Product Cost

The total expense incurred to manufacture or produce one unit of a product, including direct materials, labor, and overhead costs.

Variable Manufacturing Overhead

These are costs that vary with production volume, such as utilities for the production plant or materials.

Net Operating Income

The total revenue from operations minus the operating expenses, exclusive of taxes and interest, in a different phrasing.