The Taylor Company Uses a Process Costing System Equivalent Units for Conversion Costs Are
A) 207,800

question 121

Multiple Choice

The Taylor Company uses a process costing system.Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process.The company uses the FIFO costing method.The following data are available for one of its accounting periods: $\begin{array} { l l } &\text { Units }\\\text { Beginning work in process }&\text { 26,000 (70 percent complete for conversion }\\& \text { costs) } \\ \text { Units started } & 180,000 \\ \text { Units transferred out } & 191,000 \\ \text { Ending work in process } & 15,000 \text { (60 percent complete far conversion } \\ & \text { costs) } \end{array}$
Equivalent units for conversion costs are

• A) 207,800.
• B) 192,200.
• C) 181,800.
• D) 200,000.

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Definitions:

Supply Change

An alteration in the quantity of goods or services that producers are willing and able to sell in the market, due to factors like price, technology, or input costs.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, evidencing economic benefit.

Costume Jewelry

Jewelry made from inexpensive materials and imitation gems, designed to provide an attractive appearance at a lower cost than jewelry made from precious metals and stones.