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when spoilage is identified. The following information concerns
forming's conversion costs in May 2005: Using the weighted
average method, what was forming's conversion cost transferred to
the second production department?
53.
Weighted average and first in, first out (FIFO) equivalent
units would be the same in a period when which of the following
occurs?
54.
In computing the current period's manufacturing cost per
equivalent unit, the FIFO method of process costing considers
current period costs
55.
Black, Inc. employs a weighted average method in its process
costing system. Black's work in process inventory on June 30
consists of 40,000 units. These units are 100% complete with
respect to materials and 60% complete with respect to conversion
costs. The equivalent unit costs are $5.00 for materials and $7.00
for conversion costs. What is the total cost of the June 30 work in
process inventory?
56.
A process costing system was used for a department that
began operations in January 2005. Approximately the same
number of physical units, at the same degree of completion, were
in work in process at the end of both January and February.
Monthly conversion costs are allocated between ending work in
process and units completed. Compared to the FIFO method,
would the weighted average method use the same or a greater
number of equivalent units to calculate the monthly allocations?