Figure 6-17 Loganbery Corporation Produces a Product That Passes Through Two Processes

question 10

Multiple Choice

Figure 6-17
Loganbery Corporation produces a product that passes through two processes. During January, the first department transferred 20,000 units to the second department. The cost of the units transferred was $60,000. Materials are added uniformly in the second process. The following information is provided about the first department's operations during January:
Units, beginning work in process (1/3 complete) 6,000 Units, ending work in process (1/2 complete) 4,000
-The cost assigned to goods from a prior process is termed:

• A) Operating costing
• B) Transferred-in cost
• C) Weighted average method
• D) FIFO costing method

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Definitions:

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