Which of the Following Is Not Required When Calculating the Equivalent

question 57

Multiple Choice

Which of the following is not required when calculating the equivalent units for conversion?
I percentage of conversion for ending work in progress
Ii percentage of conversion for physical units that have been completed and transferred out of the department
Iii) cost of direct materials

• A) i only
• B) i and ii
• C) i,ii and iii
• D) i and iii

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Definitions:

Income Taxes Payable

A current liability account found on the balance sheet that represents the amount of income taxes owed to governmental authorities but not yet paid.

Income Tax Expense

The cost of income taxes a company incurs, calculated based on the taxable income and tax rates applicable, reflecting the company's obligation to government revenue services.

Cash Basis

An accounting method where revenues are recognized when received and expenses when paid.

Sales Adjusted

Adjustments made to sales figures for returns, allowances, or discounts.