Answer the Following Questions Using the Information Below

question 75

Multiple Choice

Answer the following questions using the information below:
Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for distribution to its retail sales department.Direct materials are added at the initiation of the cycle.Conversion costs are incurred evenly throughout the production cycle.Before inspection, some fillets are spoiled due to nondetectible defects.Inspection occurs when units are 50% converted.Spoiled fillets generally constitute 3.5% of the good fillets.Data for April 2018 are as follows:
Costs for April:

-What are the amounts of direct materials and conversion costs assigned to ending work-in-process using the weighted-average process-costing method?

• A)$6,720; $27,840
• B)$27,840; $6,720
• C)$27,840; $33,600
• D)$33,600; $27,840
• E)$633,600; $6,720

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Definitions:

Standardized Product

Goods or services that are uniform in quality and performance, allowing them to be interchangeable, which facilitates mass production and broad market acceptance.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.

Average Total Cost Curve

A graphical representation showing how the total cost per unit of output changes with the level of output.

Short Run

A period in economics during which the quantities of at least one input or resource are fixed, limiting the ability of the economy or firm to adjust to changes in demand or supply.