Bennett Company Uses the FIFO Method in Its Process Costing

question 43

Multiple Choice

Bennett Company uses the FIFO method in its process costing system.During April the equivalent units of production with respect to conversion costs totaled 24,600 units.Work in process inventory on April 1 consisted of 8,000 units,40% complete with respect to conversion costs.A total of 25,000 units were started into production during the month and 20,000 units were transferred to finished goods.Based on this information,Bennett Company's work in process inventory on April 30 consisted of:

• A)13,000 units,40% complete with respect to conversion costs
• B)5,000 units,40% complete with respect to conversion costs
• C)13,000 units,60% complete with respect to conversion costs
• D)4,600 units,40% complete with respect to conversion costs

---

Definitions:

Ability to Adapt

The capacity of an individual or system to modify its behavior and characteristics to cope with new or changing conditions.

Matter of Perception

A phrase indicating that something can be interpreted or understood in various ways, depending on one's viewpoint.

Social Roles

The parts or behaviors that individuals are expected to perform based on the norms and expectations of their society or group.

Melting Point

The temperature at which a solid substance transitions to a liquid state under standard pressure conditions.