When Using Weighted Average Process Costing

question 25

Multiple Choice

When using weighted average process costing:

• A) The costs attached to beginning work in process are kept separate from all other costs
• B) The current period costs will be added to the beginning work in process costs
• C) Units in the ending inventory are not considered in making equivalent unit computations
• D) Completed units are transferred out in two separate blocks

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a marketplace.

Biological Transformation

The processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset.

Agricultural Produce

Refers to the harvested product of biological assets (plants and animals) that are intended for sale or processing.