Fantastic Fabricating Uses the FIFO Method in Its Process Costing

question 64

Multiple Choice

Fantastic Fabricating uses the FIFO method in its process costing system. Beginning inventory in the mixing processing center consisted of 4,000 units, 75 percent complete with respect to conversion costs. Ending work in process inventory consisted of 3,000 units, 60 percent complete with respect to conversion costs. If 11,200 units were transferred to the next processing center during the period, the equivalent units for conversion costs would be

• A) 12,400 units.
• B) 10,000 units.
• C) 11,200 units.
• D) 12,200 units.

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Definitions:

Matched Pairs Design

A research design in which subjects are paired based on certain similarities, and each pair is treated differently to assess the effect of a variable.

Completely Randomized Design

An experimental design where all subjects are randomly assigned to treatments, ensuring each treatment is applied in an unbiassed way.

Five-point Scale

A measurement tool used in questionnaires to evaluate opinions or attitudes, often ranging from strongly agree to strongly disagree.

Blinding

A method in experimental design that prevents participants, experimenters, or both from knowing which intervention participants are receiving to reduce bias.