Lucas Company Uses the Weighted-Average Method in Its Process Costing

question 129

Multiple Choice

Lucas Company uses the weighted-average method in its process costing system.The company adds materials at the beginning of the process in the Forming Department,which is the first of two stages in its production process.Information concerning operations in the Forming Department in October follows: What was the materials cost of work in process on October 31?

• A) $3,060.
• B) $5,520.
• C) $6,000.
• D) $6,120.

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Definitions:

Current Account Entry

An item in the balance of payments that includes all imports and exports of goods and services, along with income received from or paid to foreign countries.

Current Account

A component of a country's balance of payments that encompasses the trade balance, net primary income, and secondary income.

Net Investment Income

The income generated from investments after deducting all related expenses, such as interest payments, fees, and taxes.

Purchases of Real Assets

The acquisition of physical or tangible assets such as real estate, equipment, or commodities.