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

question 64

Multiple Choice

Strap Company uses the weighted-average method in its process costing system.The company has only one processing department.The ending work-in-process inventory consists of 10,000 units,60% complete with respect to materials.The total dollar value of this inventory is $38,000.The costs per equivalent unit are $5.00 for materials and $4.00 for conversion costs for the period.With respect to conversion costs,what is the ending work-in-process inventory?

• A) 10% complete.
• B) 20% complete.
• C) 38% complete.
• D) 30% complete.

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Definitions:

Confidence Interval

A range of values, derived from the sample data, that is likely to contain the value of an unknown population parameter with a specified level of confidence.

Monthly Incomes

The total amount of income or earnings received during a typical month, often used in financial and socioeconomic studies.

Variances

Measures of the dispersion, indicating how spread out the data points are around the mean.

Accounting

The systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business.