Gaba Corporation Uses the FIFO Method in Its Process Costing

question 82

Multiple Choice

Gaba Corporation uses the FIFO method in its process costing system.The Grinding Department started the month with 17,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs.An additional 60,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department.During the month 70,000 units were completed in the Grinding Department and transferred to the next processing department.There were 7,000 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Grinding Department for the month?

• A) 70,700
• B) 60,500
• C) 50,000
• D) 70,000

---

Definitions:

Stress

The term used to describe the physical, emotional, cognitive, and behavioral responses to events that are appraised as threatening or challenging.

Stereotype Threat

Condition in which being made aware of a negative performance stereotype interferes with the performance of someone that considers himself or herself part of that group.

Self-fulfilling Prophecy

A belief or expectation that an individual holds, consciously or unconsciously, that manifests because the individual believes it to be true.

Social Comparison

The process of evaluating one's own abilities, achievements, and situation by comparing oneself to others.