

Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
A practice test for chapter 4 of an accounting course focusing on weighted-average process costing. The test includes multiple-choice questions based on various scenarios and calculations. Students are expected to determine the equivalent units for conversion cost and materials, identify the cost per equivalent unit for conversion costs and the cost per equivalent whole unit, and find the cost of the ending work in process inventory.
Typology: Exercises
1 / 2
This page cannot be seen from the preview
Don't miss anything!
Units Work in process, April 1 (conversion 60% complete)…….. 3, Started in April……………………………………………. 25, Completed………………………………………………… 20, Work in process, April 30 (conversion 75% complete)……. 8,
The equivalent units for conversion cost are: A) 26,000. B) 25,000. C) 24,200. D) 21,800.
Use the following to answer questions 3-6.
Lamb Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month sare listed below:
Beginning work in process inventory: Units in beginning work in process inventory…………………… 200 Materials costs…………………………………………………… $2, Conversion costs………………………………………………… $2, Percentage complete with respect to materials………………….. 60% Percentage complete with respect to conversion ……………….. 35% Units started into production during the month…………………….. 7, Units transferred to the next department during the month………… 7, Materials costs added during the month……………………………. $166, Conversion costs added during the month ………………………… $261, Ending work in process inventory: Units in ending work in process inventory…………………….. 700 Percentage complete with respect to materials ………………... 85% Percentage complete with respect to conversion…………………….. 45%