ABC Produces Ping Pong Balls Using a Three-Step Process That

question 150

Multiple Choice

ABC produces ping pong balls using a three-step process that includes molding,coloring and finishing.Which of the following accounts is debited for conversion costs?

• A)Cost of goods sold
• B)Finished goods inventory
• C)Raw materials inventory
• D)WIP inventory-finishing

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Definitions:

Population Proportions

A statistical measure that indicates the fraction of the population possessing a particular attribute or characteristic.

Normal Approximation

The process of using the normal distribution as an approximation for another distribution, commonly applied when the sample size is large.

Binomial

A type of probability distribution with two possible outcomes, used to model situations with fixed numbers of trials and the same probability of success.

Population Proportions

The ratio of members in a statistical population who have a particular attribute, compared to the total number of members in the population.