Department R Had 5,000 Units in Work in Process That

question 52

Multiple Choice

Department R had 5,000 units in work in process that were 75% completed as to labor and overhead at the beginning of the period, 30,000 units of direct materials were added during the period, 32,000 units were completed during the period, and 3,000 units were 40% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:

• A) 32,450
• B) 29,450
• C) 31,950
• D) 26,000

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Definitions:

Single-entry System

An accounting method where each transaction is recorded with a single entry to the financial records.

Double-entry Bookkeeping

An accounting method where every entry to an account requires a corresponding and opposite entry to a different account.

Detection of Errors

The process of identifying and correcting mistakes in data, calculations, or processes to ensure accuracy and reliability.

Fraud Visibility

The measure of how easily fraudulent activities or anomalies can be detected within a system or process.