Rollins Manufacturing Rollins Manufacturing Uses Process Costing

question 70

Multiple Choice

Rollins Manufacturing Rollins Manufacturing uses process costing. The following information was available for the current year:
Refer to the Rollins Manufacturing information above. If Rollins uses the first-in, first-out (FIFO) method, how many total equivalent units were completed in the current period?

• A) 37,200 equivalent units
• B) 35,600 equivalent units
• C) 41,200 equivalent units
• D) 35,400 equivalent units

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Definitions:

Work in Process Inventories

Current assets that represent partially completed goods which are still in the production process.

Standard Cost System

An accounting method that uses standard costs for materials, labor, and overhead to value inventory and cost of goods sold, facilitating variance analysis.

Cost of Goods Sold

The immediate expenses linked to the manufacturing of products a company sells, such as materials and labor.

Adjusted

Modified or changed to correct or alter a previous situation, figure, or account.