Equivalent Units Conversion Costs Flow of Production Direct Materials Physical Units 2000 WIP: Beginning Started during current period To account for 7000 9000 Completed & transferred out during current period 6000 6000 6000 WIP: Ending (100% DM, 30% CC) 3000 3000 900 9000 Units accounted for Equivalent units of work done to date 9000 Direct Materials Conversion Costs WIP: Beginning 16,000 11,000 Costs added in current 98,000 83,000 period Using the above information and the weighted average method, calculate the amount of inventory (in dollars) that was transferred to finished goods inventory during the period. (Round to nearest dollar after calculations are complete. Do not round early.) QUESTION 4 2 points Which of these applies to process costing but does not apply to job-order costing? Average processes Use of standard costs Identifiable batches of production Equivalent units QUESTION 5 2 points An error was made in the computation of the percentage of completion of the current year's ending work-in-process (EWIP) inventory. As a result of the error, a lower percentage of completion was assigned to each component than actually was the case. What is the effect of this error on the costs assigned to cost of goods completed for the period? Due to the error, the costs assigned to cost of goods completed for the period was (Fill in the blank) not misstated understated overstated