Painting Department
the Following Information Is Available for Painting Department

question 142

Multiple Choice

Painting Department
The following information is available for Painting Department for June: $\begin{array}{l}\text { Work-in-Process Inventory, June 1: }\\\text { Materials } & \$ 8,000 \\\text { Conversion costs } & \$ 15,000\\\\\text { Costs added during June: }\\\text { Materials } & \$ 28,000 \\\text { Conversion costs } & \$ 25,000\\\\\text { Equivalent units of production (weighted av erage) : }\\\text { Materials } & 4,000 \\\text { Conversion } & 5,000\end{array}$
-Refer to Painting Department. What would be the cost per equivalent unit for materials when using the weighted average costing method?

• A) $2.00
• B) $7.00
• C) $8.00
• D) $9.00

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Definitions:

Medicare Tax

A federal tax that funds Medicare, a healthcare program for individuals over 65 and some younger people with disabilities; deducted from employee wages with a matching amount paid by employers.

Time And A Half

The payment rate typically used for overtime work, equal to one and a half times the regular hourly wage.

Notes Payable

Short-term or long-term liabilities recorded when a business borrows money or purchases goods or services on credit with a formal written promise to pay.

Calendar-Year Company

A company that operates its fiscal year in alignment with the calendar year, beginning January 1st and ending December 31st.