When Using the First-In,first-Out Method of Process Costing,equivalent Units for Work

question 83

Multiple Choice

When using the first-in,first-out method of process costing,equivalent units for work done during this period is equal to the number of units:

• A)In work-in-process at the beginning of the period times the percent of work necessary to complete the items,plus the number of units started and completed during the period,plus the number of units remaining in work-in-process at the end of the period times the percent of work done during the period.
• B)In work-in-process at the beginning of the period,plus the number of units started during the period,plus the number of units remaining in work-in-process at the end of the period times the percent of work necessary to complete the items.
• C)Started into process during the period,plus the number of units in work-in-process at the beginning of the period.
• D)Transferred out during the period,plus the number of units remaining in work-in-process at the end of the period times the percent of work necessary to complete the items.

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Definitions:

E-Business

The conduct of business processes on the internet, including buying and selling products, servicing customers, and collaborating with partners.

Cloud-Hosted Resources

Services, applications, or data storage facilities that are provided and accessed over the internet and maintained on remote servers.

B2B Transactions

Business-to-business dealings that involve the exchange of goods, services, or information between companies rather than between companies and consumers.

Chemical Supply Company

A business that specializes in the distribution of chemicals for industrial, research, or consumer use.