Jones Company Started 60 000 Units into Production During the Current

question 29

Multiple Choice

Jones Company started 60 000 units into production during the current period and completed 42 000. The other 18 000 units were 40% complete as to conversion costs at the end of the period. Total costs were $160 000 for material and $116 000 for conversion costs. Material is added at the beginning of the production process. Unit raw material and conversion costs for the period were:
Raw materials cost; Conversion cost

• A) $2.67; $6.44
• B) $4.60; $4.83
• C) $3.81; $2.76
• D) $2.67; $2.36

---

Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, often used in the context of mean.

Point Estimate

A single value or statistic that is used to estimate the parameter of a population.

Confidence Interval

A spectrum of values obtained from sample data, expected to encompass an unknown parameter of the entire population with a certain degree of assurance.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values.