The Following Information Is Provided Materials and Conversion Are Incurred Uniformly Throughout the Process

question 54

Multiple Choice

The following information is provided: $\begin{array}{lr}&\text { Units }\\\text { Work in process, May } 1 \text { (10\% complete) } & 5,000 \\\text { Started in May } & 18,000 \\\text { Work in process, May } 31 \text { (20\% complete) } & 4,000\end{array}$ Materials and conversion are incurred uniformly throughout the process. What would be the equivalent units of production for conversion when using the weighted average method?

• A) 17,400
• B) 18,600
• C) 21,000
• D) 22,000

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Definitions:

Liabilities

Obligations owed by a business to either creditors or suppliers, often in the form of loans or accounts payable.

Net Income

The amount of money a company has earned after all expenses, including taxes and costs, have been subtracted from total revenue.

Beginning Equity

The amount of owners' equity in a business at the start of an accounting period, reflecting the net value of the business's assets minus its liabilities.

Dividends

Payments made by a corporation to its shareholder members, often derived from the company's profits.