Richards Corporation Uses the Weighted-Average Method of Process Costing

question 119

Multiple Choice

Richards Corporation uses the weighted-average method of process costing.The following information is available for October in its Fabricating Department: Units:
Beginning Inventory: 80,000 units,60% complete as to materials and 20% complete as to conversion.
Units started and completed: 250,000.
Units completed and transferred out: 330,000.
Ending Inventory: 30,000 units,40% complete as to materials and 10% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials: $37,200.
Costs in beginning Work in Process - Conversion: $79,700.
Costs incurred in October - Direct Materials: $646,800.
Costs incurred in October - Conversion: $919,300.
-Calculate the equivalent units of conversion.

• A)250,000
• B)317,000
• C)294,000
• D)333,000
• E)342,000

Comprehend and utilize the present value and future value interest factors for single cash flow.

Compare and calculate interest earned over different time frames and investment amounts.

Analyze investment growth using compound interest over varying periods.

Determine the rate of interest earned on savings and investments.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period.

Pen Sets

Writing instruments, such as pens, that are sold together as a set, often presented in a case or package.

FIFO Method

Stands for First In, First Out, an accounting method for valuing inventory where the oldest items in stock are sold or used first.

Ending Inventory

The final amount of products on hand at the close of an accounting period, reflecting the inventory that was not sold.