Business, 16.07.2021 03:40 kob3965

Which of the following statements is most accurate? Multiple Choice In process costing, estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials.

Answers: 3

Show answers

Answers

Answer from: jpsaad00

C. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.

Explanation:

THIS IS THE COMPLETE QUESTION BELOW

Which of the following statements is most accurate?

A. In process costing, estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials.

B. The FIFO method includes the cost of the beginning Work in Process inventory account in calculating cost per equivalent units.

C. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.

D. The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period.

E. It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.

EXPLANATION

FIFO method which is known as

(First In, First Out) can be regarded as an asset-management as well as valuation method , this method follows a process whereby any assets that is first produced or acquired are the asset that are sold first or first disposed. For the purposes of tax, FIFO gives assumption that assets that has oldest costs are usually entered into cost of goods sold I.e (COGS) income statements. Fifo can be calculated by finding the cost of oldest inventory, then multiply it by the amount of inventory sold.

It should be noted that The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory

Answer from: Quest

i believe that it is a 45% chance.

Answer from: Quest

What’s the question exactly? i’d love to ! : )

Another question on Business

Business, 21.06.2019 17:10

Titus manufacturing, inc. provided the following information for the year: purchases - direct materials $91,000 plant utilities and insurance 68,000 indirect materials 11,170 indirect labor 4270 direct materials used in production 99,000 direct labor 117,500 depreciation on factory plant & equipment 4000the inventory account balances as of january 1 are given below. direct materials $44,000 work-in-progress inventory 10,000 finished goods inventory 50,000what is the ending balance in the direct materials account? $135,000 $36,000 $110,170 $6000

Answers: 3

Answer

Business, 21.06.2019 22:30

Chip wilson has hired goldman sachs, an investment banking company, to assist him with a hostile takeover of lululemon. wilson's goal is to hire a new board of directors because he believes there is a need for a more long-term focus. goldman sachs is a proven firm at making a profit in every move that they make. if the hostile takeover does not pan out, what could be another motive for investors?

Answers: 1

Answer

Business, 22.06.2019 02:30

Based on the supply and demand theory, why do medical doctors earn higher wages than child-care workers?

Answers: 1

Answer

Business, 22.06.2019 04:50

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

Answers: 3

Answer

You know the right answer?

Which of the following statements is most accurate? Multiple Choice In process costing, estimating t...

Questions