Raphael's Refining Uses a Weighted Average Process Costing System

question 30

Multiple Choice

Raphael's Refining uses a weighted average process costing system.For a particular period,its opening inventory consisted of 100 items (60 per cent complete as to conversion costs) whose costs were $1600 made up of material $300 and conversion cost $1300.During the month,1000 items were started and 950 were completed.Ending inventory of WIP was complete.There was no spoilage.Costs placed in process during the month were materials $1600 and conversion costs $13 700.Materials are added at the halfway point.What is the amount of cost that would be allocated to goods completed in the period?

• A) $14 615
• B) $16 513
• C) $16 900
• D) $16 150

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Definitions:

Statistical Manual

usually refers to standardized texts like the DSM (Diagnostic and Statistical Manual of Mental Disorders) used for diagnosing and categorizing mental disorders.

Psychosocial Condition

Relates to the interrelation of social factors and individual thought and behavior.

Cognitive

Pertaining to the mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Illogical Thinking

A thought process involving reasoning that is inconsistent with standard logic, often resulting in erroneous conclusions or perceptions.