Kelly Ltd Uses a Weighted-Average Process Costing System That Calculates

question 54

Multiple Choice

Kelly Ltd uses a weighted-average process costing system that calculates normal rework as 2% of the units passing inspection. The inspection point is at the 75% point and units failing inspection are returned to the 40% point. During the current period, 50,000 units were started; 62,000 units inspected; and 52,000 units completed. Direct material is added at the 50% point and conversion costs occur uniformly. Beginning work in process was 10,000 units, 55% complete and ending work in process was 8,000 units, 85% complete. Costs per equivalent unit for material were $1.00 and $3.00 for conversion costs. Normal spoilage is

• A) Considered to be a cost of the good units produced
• B) Recorded to a special loss account
• C) Treated as a current period expense
• D) Allocated to beginning work in process when it comes after the inspection point

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Definitions:

American Work Life

The characteristics and culture surrounding employment and labor in the United States, including norms, behaviors, and expectations.

Unions

Organizations formed by workers to protect their rights and interests, often engaging in collective bargaining and labor negotiations with employers.

Social Movements

Collective efforts by groups of people to drive or resist changes in society, often aiming to address issues of social justice or political reform.

Labor Movement

represents the collective organization of working people, aimed at improving wages, hours, and working conditions through unions and political activism.