Week 1 Part 3 Quiz Copy
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Question 1 of 6
1. Question
Which of the following statements is true?
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Question 2 of 6
2. Question
The following information applies to questions 2 and 6.
Spyllis Nijmegen manufactures TVs. It has gathered the following information over August 2018:
Units (TV’s)
Direct materials
Conversion costs
Work in progress, August 1
500
€ 120,000
€ 75,000
Degree of completion
Direct materials
100%
Conversion costs
25%
Started during August
2,500
Completed during August
2,800
Work in progress, August 31
200
Degree of completion
Direct materials
100%
Conversion costs
50%
Costs added during August
€ 2,400,000
€ 1,100,000
Using the weighted average method of process costing, what is the equivalent unit for direct materials and conversion costs respectively?
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The equivalent unit for direct materials is
The equivalent unit for conversion costs is
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Question 3 of 6
3. Question
Using the weighted average method of process costing, what is the total cost for the Work in Progress Ending inventory on August 31 (round to full euro amounts)?
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Total cost for ending WIP is
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Question 4 of 6
4. Question
Using the FIFO method of process costing, what is the equivalent unit for direct materials and conversion costs respectively?
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The equivalent unit for direct material is
The equivalent unit for conversion is
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Question 5 of 6
5. Question
Using the FIFO method of process costing, what is the total cost for the Work in Progress Ending inventory on August 31 (round to full euro amounts)?
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Ending value of working in progress is
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Question 6 of 6
6. Question
Using the FIFO method of process costing, what is the total cost of goods completed and transferred out?
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The value is
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