ch6inclassKey.pdf - Acct353 Chapter 6 In-class Indicate the answer choice that best completes the statement or answers the question 1 The two methods

ch6inclassKey.pdf - Acct353 Chapter 6 In-class Indicate the...

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Acct353 Chapter 6 In-class Page 1 Indicate the answer choice that best completes the statement or answers the question. 1. The two methods used to determine equivalent units of production are a. FIFO and LIFO.b. weighted average and LIFO.c. weighted average and FIFO.d. FIFO and specific identification. 2. Unit cost of materials for a department using the FIFO method of process costing is found by taking the total cost of materials issued to the department during the year divided by 3. The material cost per equivalent unit using the weighted average method is calculated as 4. The cost assigned to goods from a prior process is termed: 5. The unit-costing method that merges prior-period work and costs with current-period work and costs is called: a. Operating costingb. Transferred-in costc. FIFO costing methodd. Weighted average method 6. Transferred-in costs are accounted for in the same manner as