Practice Exam#2 f13 - ACC-330 Cost Accounting Fall 2013...

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ACC-330: Cost Accounting Fall 2013 Practice Questions for Exam #2 1. A distinct feature of the FIFO process-costing method is that a. the work done on beginning inventory before the current period is blended in with the work done during the current period in the calculation of equivalent units. b. the work done on beginning inventory before the current period is kept separate from the work done during the current period in the calculation of equivalent units. c. the work done on ending inventory is kept separate from the work done during the current period in the calculation of equivalent units and is usually not included in the calculation. d. the FIFO process-costing method is only minimally different from the weighted-average process- costing method. 2. BIB Company manufactures one type of identical bicycle part. The company uses process costing. The company has two departments: Cutting and Polishing. The following relates to the Cutting department for the month of April. Costs in beginning WIP : Actual Direct Materials $20,000 Actual Direct Labor $30,000 Applied Manufacturing Overhead $32,000 Costs added during the Month : Actual Direct Materials $43,400 Actual Direct Labor $50,000 Applied Manufacturing Overhead $37,600 Beginning WIP consisted of 8,000 parts. During April, an additional 20,000 parts were started into production. Ending WIP consisted of 6,000 parts. Ending WIP was 100% complete with respect to Direct Materials and 25% complete with respect to Conversion costs. Beginning WIP was 100% complete as to Direct Materials and 20% complete as to Direct Labor and Manufacturing Overhead. The company uses the FIFO method of process costing. What is the number of equivalent units of Conversion Costs for April?
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