Quiz 6.docx - 1 Under which of the following conditions...

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1. Under which of the following conditions will the first-in, first-out method of process costing produce the same cost of goods manufactured amount as the average cost method? a . When beginning and ending inventories are each 50 percent complete b . When goods produced are homogeneous in nature c . When there is no ending inventory d . When there is no beginning inventory 10 points QUESTION 2 1. Information concerning Department A of Ali Company for the month of June is as follows: Units Materials Costs Work in process, beginning of month 20,000 $14,550 Started in June 85,000 $66,300 Units completed 90,000 Work in process, end of month 15,000 2. All materials are added at the beginning of the process. Using the first-in, first-out method, the cost (rounded to two places) per equivalent unit for materials for June is: a . $0.78. b . $0.63. c . $0.90. d . $0.77. 10 points QUESTION 3 1. A major difference between FIFO and average costing is: a . The current month’s cost of production will be less. b . The number of equivalent units in ending work in process.
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