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CHAPTER 17 HOMEWORK ASSIGNMENT #1 Weighted Average Costing QUESTIONS 1. Sal Torre believes there are no significant differences in the flow of costs between job order cost accounting and process cost accounting. Is Sal correct? Explain. 2. What is meant by the term "equivalent units of production"? 3. Why can the computation of cost of goods sold be problematic in process costing? EXERCISES 1. Estrella Company has the following production information available for November Work in process, November 1 Direct Materials Conversion costs 69,000 Total Beg WIP SU7.150 Costs incurred during November Direct Materials Direct Labor Factory Overhead $1,548,000 225,920 337930 Production records show that 35,000 units were in beginning work in process-these units were 30% complete as to conversion costs. 700,000 additional units were started into production during November. 710,000 units were completed and transferred out to Finished Goods Inventory. 25,000 units were in ending work in process-these units were 40% complete as to conversion costs. Materials are entered at the beginning of the process. Instructions Prepare a production cost report for Estrella Company