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Chapter 04 Appendix A Student: ___________________________________________________________________________ 1. The equivalent units in the ending work in process inventory will be the same under both the FIFO and the weighted-average methods of process costing. True False 2. The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no ending work in process inventory. True False 3. Under the FIFO method, the percentage of completion of the ending inventory must be greater than the percentage of completion of the beginning inventory. True False 4. Under the FIFO method, the equivalent units of production relate only to work done during the current period. True False 5. Under the FIFO method, costs per equivalent unit will contain only costs from the current period. True False 6. From the standpoint of cost control, the weighted-average method of process costing is superior to the FIFO method. True False 7. The weighted-average method and the FIFO method of process costing use the same manufacturing accounts. True False 8. In the cost reconciliation report, the costs to be accounted for equals the cost of beginning work in process inventory plus the costs added during the period. True False 9. In the cost reconciliation report, the costs accounted for equals the cost of beginning work in process inventory plus the cost of ending work in process inventory. True False 10. The FIFO method provides a major advantage over the weighted-average method in that: A. the calculation of equivalent units is less complex under the FIFO method. B. the FIFO method treats units in the beginning inventory as if they were started and completed during the current period. C. the FIFO method provides measurements of work done during the current period. D. the weighted-average method ignores units in the beginning and ending work in process inventories. 11. The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method: A. can be used under any cost flow assumption. B. does not require the use of predetermined overhead rates. C. keeps costs in the beginning inventory separate from current period costs. D. does not consider the degree of completion of units in the beginning work in process inventory when computing equivalent units of production. 12. Equivalent units for a process costing system using the FIFO method would be equal to: A. units completed during the period plus equivalent units in the ending work in process inventory. B. units started and completed during the period plus equivalent units in the ending work in process inventory.... View Full Document

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